Market update Fox Valley week 51
Market update Fox Valley week 51. New listings this week were down almost 32%. 100 new listings of single family homes this week compared to 147 the week before. Sellers are waiting to get through the holiday at this point. Next couple of weeks it should improve.
Closed listings were consistent with the week before. 242 closed single family homes this week compared to 241 the week before. Next week is the last week of the month and year so there should be an increase then.
Take a look at the communities with the most activity this week:
Aurora-New 13 $179,000-$350,000
Bolingbrook-New 6 $245,000-$509,900
Naperville-New 15 $395,000-$1,195,000
Oswego-New 3 $345,000-$450,000
Plainfield-New 13 $235,000-$554,000
St Charles/Campton Hills-
Yorkville-New 15 $268,490-$345,000
Contracts accepted this week
Contracts accepted this week by sellers was pretty consistent. 189 single family homes accepted this week compared to 194 the week before. Definitely some excited buyers and sellers right before Christmas! Finding a home or getting a contract on your home is the first step to reaching your goal.
Look at the communities that sellers accepted the most contracts this week:
St Charles/Campton Hills-17 West Chicago-10
2 short sales were accepted by sellers this week. 1 each in Naperville and Sugar Grove. Now they will be submitted to the lender to see if they will also accept.
Sellers accepted contracts that are contingent on the buyer closing on their current home. 4 with a kick-out clause of 72 hours, 9 with 48 hours and 1 with 24 hours.
Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home. Only one this week with a kick-out clause of 48 hours.
2020 by the month
Month New Closed Contracts accepted
January 1105 566 858
February 1267 529 1024
March 1186 707 1079
April 648 786 775
May 1352 1010 1444
June 1232 908 1534
July 1417 1453 1852
August 1037 1335 1436
September 1176 1503 1503
October 843 1116 1159
November 567 985 699
December 377 630 570
Totals 12207 11528 13933
Closed listings of single family homes is the most important column to look at. This is actual numbers. September was the best month so far this year followed by July then August.
New listing numbers you can’t count on because some of them were canceled and relisted. The same for contracts accepted. Some of them did not make it through the home inspection and attorney review period for many different reasons and were put back on the market and then get a contract again.
It continues to be a sellers market. Low inventory is causing prices to go up and we are seeing multiple offers continue with so many buyers still trying to find a home.
Next week is the last week of the year. We will compare this year to 2019 and 2018 so you can see how this year compares to the previous 2 years.
Call us at 630-503-6555 with all your real estate questions. Your goal is out goal. We will do everything we can to help you reach your goal.
If you are thinking about selling your home request a home valuation so we can let you know what your home is worth in today’s market. We will provide you with a net proceeds that shows you an estimate of expenses to sell and what you might walk away with at closing. This will be updated when an offer comes in and we know all the terms so you can make a good decision.
Thinking about buying a home in 2021? You need to contact a loan officer to get prequalified first. Get 2 years of tax returns, pay stubs, bank statements, credit card payments, car payments and any other payments you make monthly together and get them to a loan officer so you can see what price range and what type of loan will work out best for you. They will provide you with a letter that shows what you qualify for and that will go with an offer when you find the right home. Sellers want to know that you qualify for their home before they will consider your offer.
Check out some great resources:
- Types of loans and the process
- VA loan and the requirements
- Current interest rates
- Down payment assistance
- Illinois homeowner assistance and some community assistance
- 2 new IDHA programs
- Forbearance information
Let us know if you are looking for any other information and we will be happy to point you in the right direction.
Market update Fox Valley week 51. Have a great week and Merry Christmas!
Kristine Heiman, Designated Managing Broker
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101