2021 Real Estate Market Update Week 27

2021 real estate market update week 27. We are working on the second half of the year now and hope the inventory of homes will improve.

New listings of single family homes was up.  287 this week compared to 239 the week before.  Great news!  We will take any improvement we can get.

Closed listings of single family homes were down.  206 this week compared to 419 the week before.  That is to be expected for the beginning of the month.

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

Aurora-New 46 $194,900-$585,000

            Closed-40 $155,000-$900,000

Bolingbrook-New 10 $198,000-$479,000

                    Closed-16 $215,000-$450,000

Elburn-New 11 $162,000-$699,000

            Closed-2 $307,000-$370,000

Geneva-New 9 $252,900-$882,592

              Closed-19 $261,000-$962,152

Naperville-New 63 $299,900-$2,095,000

                 Closed-37 $320,000-$1,209,000

Oswego-New 13 $249,900-$525,000

              Closed-12 $258,000-$485,000

Plainfield-New 34 $220,000-$1,399,000

                Closed-15 $250,000-$596,388

St Charles-New 29 $199,900-$1,449,000

                  Closed-11 $275,000-$900,000

Yorkville-New 11 $219,900-$1,100,000

               Closed-7 $240,000-$565,500

Median price and financing this week

Median list price of single family homes this week was 379,900.  Last week it was $369,504.

Median closed price of single family homes this week was $370,000 same as the week before.

I thought I would add financing this week so you can see what is happening.  I did this a little later this morning than my first download so we have 2 more than what is listed above.

The one on the left is Conventional financing.  There were 153 with $379,900 the median closed price.

The one on the right is Cash.  There were 25 with $412,500 the median closed price.

The one on the left is FHA financing.  There were 26 with $291,500 the median closed price.

The one on the right is VA financing.  There were 4 with $417,950 the median closed price.

It is important to see the breakdown of what happening right now.  I will continue to list this so you can see if things start to change.

Contracts accepted this week

Contracts accepted this week were down.  270 this week compared to 325 the week before.  Last week new listings were down so that makes sense.

Look at the communities seller’s accepted the most contracts:

Aurora-46                                   Bolingbrook-21

Montgomery-13                          Naperville-45

Oswego-13                                 Plainfield-39

St Charles-25

No short sales were accepted by seller’s this week.  With the prices going up, even if they need to sell because of not working, most likely they can sell without having to go that route.

Sellers accepted contracts that are contingent on the buyer’s closing on their current home.  9 with a kick-out clause of 72 hours, 6 with 48 hours and 2 with 24 hours.

Also, seller’s accepted contracts that are contingent on the buyer’s selling and closing on their current home. 2 with a kick-out clause of 24 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                   1450         1686               1671

July                      287           206                 270

Totals                 5928         6398                7679

Closed is the most important column to look at.  We started ahead at the beginning of the year with inventory left over from the previous year.  Not all of the contracts accepted will end up closing.  Sometimes they come back on the market after home inspection/attorney review period of after the appraisal comes in.   Prices have increased, and the appraisals don’t always match, so if they can’t come to an agreement the home goes back on the market.

It continues to be a seller’s market.

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.

Thinking about selling this year?  Request a home valuation and let us know a little bit about your home and what you have updated.  We will let you know what it is worth in today’s market and 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 so you can make a good decision.

If you are thinking about buying a home this year you have to call a loan officer and get them all your financial information so they can get you pre approved.  Pre qualify will not do in today’s market.  You will probably be up against other offers when you do find a home so you want to let the seller’s know that you did this extra step.

Resources:

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

If you need recommendations for loan officers, real estate attorneys and home inspectors just let us know and we will recommend a few for you to choose from.

2021 real estate market update week 27.  Have a great week!

Kristine Heiman, SFR, SRS, AHWD

Designate Managing Broker

Best Homes Fox Valley-Search for a home today!

200 Webster St

Montgomery, IL 60538

630-503-6555 ext 101