Market update Fox Valley week 31
Market update Fox Valley week 31. New listings were almost identical to the week before. 284 New listings of single family homes this week compared to 285 the week before. We wish there were more. Inventory continues to be extremely low. So many people have been focusing on school whether they will send them back or stay remote. Many schools are starting to make that choice for them and remain remote.
Closed listings this week were up a little over 57%. 445 single family homes closed this week compared to 282 the week before. The end of the month is when most buyers want to close.
Take a look at the communities with the most activity this week:
Aurora-New 40 $139,900-$799,900
Closed-61 $145,000-$590,000
Batavia-New 8 $311,000-$1,375,000
Closed-13 $195,000-$805,000
Bolingbrook-New 12 $199,900-$485,000
Closed-24 $169,000-$485,027
Elburn-New 9 $275,000-$599,900
Closed-10 $260,000-$920,600
Geneva-New 15 $229,900-$725,000
Closed-18 $224,000-$646,605
Montgomery-New 6 $195,000-$354,020
Closed-11 $164,000-$270,000
Naperville-New 61 $269,900-$2,100,000
Closed-86 $260,500-$1,220,000
North Aurora-New 3 $300,000-$385,000
Closed-13 $197,000-$412,000
Oswego-New 23 $195,000-$1,749,000
Closed-38 $225,000-$665,000
Plainfield-New 27 $229,000-$599,000
Closed-55 $207,000-$609,000
St Charles/Campton Hills-
New-26 $160,000-$1,229,000
Closed-33 $205,000-$665,000
West Chicago-New 5 $398,700-$595,000
Closed-17 $181,000-$409,900
Yorkville-New 15 $259,900-$479,500
Closed-13 $185,000-$590,000
Contracts accepted this week
Contracts accepted this week were 28 single family homes lower. 345 this week compared to 373 the week before. That is still pretty good considering new listings have gone down now 2 weeks in a row.
Look at the communities sellers accepted the most contracts:
Aurora-42 Batavia-11
Bolingbrook-32 Geneva-16
Montgomery-12 Naperville-67
Oswego-22 Plainfield-38
St Charles/Campton Hills-20 West Chicago-12
2 short sales were accepted by sellers this week. 1 each in Aurora and Minooka. 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. 11 with a kick-out clause of 72 hours, 20 wit 48 hours and 2 with 24 hours.
Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home. 3 with a kick-out clause of 72 hours and 4 with 48 hours.
2020 by the month
Month New Closed Contracts accepted
January 1,105 566 858
February 1,267 529 1,024
March 1,186 707 1,079
April 648 786 775
May 1,352 1,010 1,444
June 1,232 908 1,534
July 1,417 1,614 1,852
Totals 8,207 6,120 8,566
July has been the best month so far for 2020. Interest rates are extremely low right now so it makes it a great time to buy a home. Closed homes are always what you want to look at. New listings can be canceled or expired and relisted. Contracts accepted can also change to reactivated and then contract pending again.
I usually compare to the last couple of years at the end of each month but I did that last week I should of waited until this week. Last week it showed that we are going down in all the numbers. Low inventory is the main factor. It has been frustrating for buyers competing with other buyers on a home because there just is not enough homes on the market for the amount of people that want to buy. Instead of buying a resale home you might want to think about new construction. We can also help you with that. Let us know what community you are looking for and we can tell you about new construction in that area.
Contact us
Call us at 630-503-6555 with all your real estate questions. Your goal is our goal. We will do everything we can to help you reach your goal.
We keep saying it is a great time to sell your home and it still is. Continued low inventory and extremely low interest rates makes it a good time to sell. Buyers are out there looking in all price ranges. Let us update the value of your home in today’s market and provide you with a net proceeds that shows your expenses to sell. This will be updated when an offer comes in and we know all the terms so you can make a decision.
If you are thinking about buying a home you need to call a loan officer to get pre-qualified. They will provide you with a letter that shows the type of loan and price range that you qualify for. We will send this letter with an offer when you find the home you like.
Check out some great resources:
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- Illinois homeowner assistance and some community assistance
Covid-19 has changed a few things with buying and selling a home. There are 3-D scans, virtual tours or live video showings if you are not comfortable with a lot of people walking through your home. Home inspections can be done with only the inspector there to cut down on people in the home. You can direct us on how you want your home shown.
We can do video meetings to explain things to you and answer all your questions. Documents can be signed remotely with docusign. Some title companies are doing remote closings. Other ones are having the sellers sign documents ahead of the closing day and only buyers and their attorney are there the day of closing. Let us know what your comfort level is.
Market update Fox Valley week 31. 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