2021 Real Estate Market Update Week 25

2021 real estate market update week 25.  New listings of single family homes is down.  285 this week compared to 315 the week before.  This is so discouraging for buyers that are waiting for new listings to come on the market.  They just can not come on the market fast enough.  Prices continue to rise because of the shortage of homes on the market.  Some buyers are even getting priced out of the market.

Closed listings of single family homes was also down.  292 this week compared to 315 the week before.  Monday through Wednesday next week I am sure will be busy.  The last days of the month when most buyers want to close.

Take a look at the communities with the most activity this week:

Aurora-New 39 $149,900-$599,900

            Closed-41 $120,000-$535,000

Batavia-New 15 $239,900-$725,000

             Closed-5 $105,000-$408,000

Bolingbrook-New 22 $214,900-$518,700

                    Closed-19 $165,300-$505,000

Geneva-New 11 $275,000-$665,000

             Closed-10 $265,000-$725,000

Naperville-New 63 $275,000-$1,790,000

                 Closed-66 $280,000-$1,683,000

Oswego-New 8 $325,000-$619,000

              Closed-14 $150,000-$540,000

Plainfield-New 33 $210,000-$565,000

                Closed-45 $225,000-$973,665

St Charles-New 24 $200,000-$995,000

                 Closed-26 $257,000-$915,000

Yorkville-New 14 $280,000-$589,900

              Closed-9 $295,000-$490,000

Median list price this week $370,000 last week $374,450

Median closed price this week $373,750 last week $361,000

Contracts accepted this week

Contracts accepted this week on single family homes was up.  355 this week compared to 332 the week before.  We are still seeing multiple offers.  Strong sellers market continues.

Look at the communities sellers accepted them ost contracts:

Aurora-57                                     Bolingbrook-28

Montgomery-13                            Naperville-68

Oswego-19                                   Plainfield-44

St Charles-26                               Yorkville-12

1 short sale was accepted this week by a seller on a single family home.  It was in St Charles.  Now it 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.  3 with a kick-out clause of 72 hours, 11 with 48 hours and 4 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 48 hours.

2021 real estate market update by the month

Month                   New     Closed     Contracts accepted

January                 543        649               829

February               561        604               778

March                  993      1099             1455

April                  1006        926             1387

May                   1088     1228             1289

June                  1211     1267             1346

Totals                5402     5773             7084

You can see how things increased from March on, and it is not slowing down a bit.

Check back with us every Saturday.  At the end of each month we will also look back at 2020 and 2019 so you can see how this year is going..

Next week I will compare to the previous 2 years since there are 3 days next week of June.

Contact us

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.

Request a home valuation if you are thinking about selling this year.  You will see what your home is worth 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.

Thinking about buying this year?  You have to be both patient and on the ball.  You will most likely be up against multiple offers  When a listing comes on the market you have to be ready to go see it that day.  Getting prequalified is not enough.  You need to get preapproved.   If your loan officer will not do that, find another one that will do it.

If you will be buying with cash, you will need a letter from your financial institution stating that you have the money available to purchase that priced home plus closing costs.

Resources

• Types of loans and the process
• VA loans and the requirements
• Current interest rates
• Down payment assistance
• IDHA programs

If you need recommendations for a real estate attorney, home inspector or loan officer we can give you a few to contact so you can decide who you want to work with.

Buying/selling a home is very exciting.  It also can be very stressful.  We will guide you through the process and explain everything to you so you know what to expect.

All data came from our MLS MRED, LLC

2021 real estate market update week 25.  Have a great week!

Kristine Heiman, SRS, SFR, AHWD

Designated Managing Broker

Best Homes Fox Valley-Search for a home today!

200 Webster St

Montgomery, IL 60538

630-503-6555 ext 101