Market update Fox Valley week 26
Market update Fox Valley week 26. New listings came in just under the week before. 295 new listings of single family homes this week compared to 308 the week before. Down by 4.22%. We need to get more new listings not less. Inventory is very low.
Closed listings were up 18.66%. 248 closed listings of single family homes compared to 209 the week before. The end of the month is usually when you see the highest numbers when most buyers want to close. Closer to the end of the month buyers come in with less money for interest for the month. Closing costs can add up so saving this amount helps them get into the home.
Take a look at the communities with the most activity this week:
Aurora-New 38 $124,900-$775,000
Batavia-New 9 $234,900-$495,000
Bolingbrook-New 8 $199,900-$489,000
Geneva-New 13 $319,900-$575,000
Montgomery-New 7 $249,900-$343,565
Naperville-New 70 $297,000-$2,399,500
Oswego-New 10 $249,900-$429,900
Plainfield-New 40 $171,900-$519,000
St Charles/Campton Hills-
West Chicago-New 10 $175,000-$491,028
Yorkville-New 29 $214,900-$489,000
Contracts accepted on single family homes
Contracts accepted on single family homes were down 4.49%. 383 accepted this week compared to 401 the week before. More inventory will help to bring these numbers up. There just is not enough homes for sale for the amount of buyers that are trying to find a home. Interest rates are fantastic!
Look at the communities that sellers accepted the most contracts:
Plainfield-47 St Charles/Campton Hills-22
Sugar Grove-10 West Chicago-11
Only 2 short sales were accepted this week. 1 each in Oswego and Plano. We hope these numbers do not increase with people out of work due to the pandemic.
Sellers accepted contracts that are contingent on the buyer closing on their current home. 21 with a kick-out clause of 72 ours, 18 with 48 hours and 9 with 24 hours.
Also, sellers accepted contracts that are contingent on the buyers selling and closing on their current home. 4 with a kick-out clause of 72 hours, 3 with 48 ours and 1 with 24 hours.
2020 by the month and a look back at 2019 and 2018
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
Totals 6,790 4,506 6,714
January 878 407 568
February 1,032 463 832
March 1,173 915 1,375
April 1,594 792 1,307
May 1,645 995 1,280
June 1,643 1,253 1,218
Totals 7,965 4,825 6,580
January 808 489 606
February 1,040 444 856
March 1,549 907 1,564
April 1,515 836 1,278
May 1,569 1,066 1,344
June 1,828 1,720 1,474
Totals 8,309 5,462 7,122
Call us at 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 this year? Now is the time to get it on the market when buyers are out there looking while interest rates are fantastic. Let us update the value of your home in today’s market. We will provide you with a net proceeds that shows you the expenses to sell. This will be updated when an offer comes in and we know all the terms.
If you are thinking about buying a home the first thing you need to do is call a loan officer. Have your income taxes available, check stubs, bank statements and any car loans or other monthly payments handy. They will let you know what else you need then keep it in a folder so you have it handy in case they request it again. If you need recommendations we would be happy to give you a few to contact so you can decide who you would like to work with. They will give you a letter showing what price and what type of loan will work out best for you. This will go with an offer when you find the right home.
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
Market update Fox Valley week 26. Have a great week!
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101