Market update Fox Valley week 52
Market update Fox Valley week 52. The market slowed way down this week with the holiday. Only 62 new listings of single family homes this week compared to 100 the week before.
Closed listing were also down. 163 single family homes this week compared to 242 the week before. Next week we should see a big jump because it is the last week of the month and year.
Take a look at the communities with the most activity this week:
Aurora-New 6 $155,000-$280,000
Bolingbrook-New 2 $249,900-$284,900
Naperville-New 20 $375,000-$1,475,000
Plainfield-New 4 $239,900-$405,000
St Charles/ Campton Hills-
New 4 $289,900-$629,900
Contracts accepted this week
We add in the contracts accepted into the market update Fox Valley to let you see how many buyers are out there ready to write an offer that gets accepted. In normal weeks when this starts to change you know the market is changing either for the better or not so good.
Look at the communities that sellers accepted the most contracts this week:
3 short sales were accepted by sellers this week. 1 in Montgomery and 2 in Plano. 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. 2 with a kick-out clause of 72 hours and 1 with 48 hours.
Also, sellers accepted contract that are contingent on the buyer selling and closing on their current home. 2 with a kick-out clause of 72 hours and 5 with 48 hours.
There is still confidence in the market that these will go through.
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 440 793 663
Totals 12270 11691 14026
Closed is the most important column. These are actual numbers. September was the best month so far this year for closed single family homes.
New listings sometimes are relisted as a new listing when they are not.
Contracts accepted can sometimes not make it through the home inspection and attorney review period for many different reasons. So both of those columns are not actual numbers.
Next week will be the last week of the year. We will compare this year with 2019 and 2018 so you can see how this year compares to those 2 years.
We had no idea in February how this year would go. Buyers were out there wanting a bigger home for a home office and space for e-learning and a bigger yard. Inventory has remained low so prices have gone up.
Call 630-503-6555 with all of your real estate questions. Your goal is our goal. We will do everything we can to help you reach your goal.
Thinking about selling your home? Request a home valuation so we can update the value on your home. We will provide a net proceeds that shows an estimate of expenses to sell so you know where you are at. This will be updated when an offer comes in and we know all the terms so you can make a good decision.
Are you thinking about buying a home in the new year? You will need to get a couple of years tax returns, pay stubs, bank statements, credit card information, car payment information and any other payments you make monthly together and contact a loan officer to get prequalified. They will give you a letter that shows the type of loan and the price that will work out best for you. This will go with an offer when you find the home you like.
Check out some great resources that might help you:
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- Illinois homeowner assistance and some communities
- IDHA loan programs
Let us know if there is any other information that you are looking for. We would be happy to point you in the right direction.
Market update Fox Valley week 52. Happy Holidays! Have a great week.
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