Market update Fox Valley March 28 2020
Market update Fox Valley March 28 2020. New listings were down slightly over 25% this week. 192 this week compared to 257 the week before. All non-essential businesses are shut down right now. We are essential. Some people do not realize this and others want to wait until this virus passes.
Closed listings were up just over 7% this week. 204 this week compared to 190 the week before. This is the end of the month. This months closings were higher than February by about 25 %. We will keep an eye on things for the next few months to see how it goes. Check back with us each Saturday.
Take a look at the communities with the most activity this week:
Aurora-New 20 $109,900-$650,000
Closed-26 $107,900-$465,000
Bolingbrook-New 12 $124,900-$388,247
Closed-19 $165,000-$374,000
Geneva-New 12 $289,900-$1,599,000
Closed-6 $267,000-$504,000
Naperville-New 46 $284,900-$850,000
Closed-34 $236,000-$1,180,000
Oswego-New 11 $175,000-$339,000
Closed-11 $200,000-$521,300
Plainfield-New 24 $150,000-$586,8000
Closed-30 $200,000-$469,225
St Charles/Campton Hills-
New 15 $199,900-$1,150,000
Closed-12 $248,000-$649,500
Yorkville-New 8 $110,000-$550,000
Closed-10 $209,977-$452,000
Contracts accepted this week
Contracts accepted this week were down just over 37% this week. 179 accepted this week compared to 286 the week before. This week was a week of adjustment to what is going on with the virus and how to show homes.
Look at the communities that sellers accepted the most contracts this week:
Aurora-24 Bolingbrook-14
Naperville-22 Plainfield-30
St Charles/Campton Hills-18 Yorkville-12
No short sales were accepted by sellers this week.
Sellers accepted contracts that are contingent on the buyer closing on their current home. 17 with a kick-out clause of 72 hours,6 with 48 hours and 3 with 24 hours.
Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home. 1 with a kick-out clause of 72 hours, 4 with 48 hours and 2 with 24 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
Now take a look at the previous 2 years to compare
2019
Month New Closed Contracts accepted
January 878 407 568
February 1,032 463 832
March 1,731 915 1,375
2018
Month New Closed Contracts accepted
January 808 489 606
February 1,040 444 856
March 1,549 907 1,564
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 goals.
We are getting updated frequently from the National Association of REALTORS®, Illinois REALTORS® and Fox Valley Association of REALTORS® on things we need to know going forward with this pandemic. Friday morning our Association did a Zoom meeting with lenders, title company, inspector, Government affairs to update us on loans going forward. How things are going with closings and inspections. Lots of things are changing during this time and they will keep us updated going forward with any changes.
We are classified as essential so some real estate offices are open and some working remotely but we are still working. I am working remotely.
Showings slowed down at first for a few days but now showings are happening again. Showing instructions are more important right now.
Pre-approval letters are also more important right now and need to be updated more frequently with the changing market conditions.
Check out these great resources:
- Resources for property owners
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- Illinois homeowner assistance and some community assistance
Let us know what questions you have and if there is something else you are looking for we will be happy to help you. If you are looking for legal advice let us know and I would be happy to give you some names of attorneys to contact.
Market update Fox Valley March 28 2020. Have a great week! Stay safe and healthy. Wash your hands.
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