Fox Valley home prices February 12 2022
Fox Valley home prices February 12 2022. Consistent it is, but we are waiting for it to let loose. Will that happen this year? So far, we are below last years numbers.
New listings of single family homes is 110, last week 113. That is pretty steady numbers.
Closed listing this week 107, last week 164. The number should increase as we head into the end of the month when most buyer’s want to close.
Take a look at the communities with the most activity this week:
Aurora-New 23 $130,000-$715,000
Closed-18 $150,000-$985,000
Naperville-New 21 $290,000-$1,250,000
Closed-15 $266,000-$826,000
Plainfield-New 13 $235,000-$659,900
The photo above shows the other communities that had activity this week. You can see why it is an awesome time to be a seller. There is no real competition.
Financing use, median prices and 2,000 SF or more
Median price of new listings of single family homes this week is $345,000, last week $375,000.
Closed this week median price is $341,000, last week $344,000.
Conventional financing was used to close 73 single family homes this week at a median price of $387,000, last week 113 homes at median price of $381,000.
Cash was used to close 15 homes this week at a median price of $284,500, last week 23 at a median price of $281,615.
FHA financing was used to close 16 homes this week at a median price of $262,500, last week 22 homes at a median price of $306,000.
VA financing was used to close 3 single family homes this week at median price of $290,000, last week 6 homes at median price of $301,500.
The type of financing you use became a big deal in 2021. There were so many multiple offer situations seller’s had a choice of which offer to accept, and of course, cash always came first. Not everyone has cash to purchase so Conventional was their next choice. It was hard for buyer’s to understand this at first. We would tell them to also get pre approved for Conventional when they would show us that they were pre approved for FHA.
58 single family homes closed that were 2,000 square feet or more this week at a median price of $422,495, last week 98 closed at median price of $426,000. The minimum price that closed this week was $152,000, last week it was $85,000.
More square feet became very important after the pandemic hit. So many people were working from home and needed a home office or just extra space in general.
Contracts accepted this week
Contracts accepted on single family homes were consistent. 176 this week compared to 170 the previous week.
Look at the communities seller’s accepted the most contracts:
Aurora-29 Bolingbrook-13
Naperville-24 Oswego-11
Plainfield-26 St Charles-13
2 short sales were accepted by seller’s. 1 each in Bolingbrook and Naperville. Now they will be submitted to the lender to see if they will also accept.
A seller accepted a contract that is contingent on the buyer closing on their current home. 1 with a kick-out clause of 48 hours. Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home. 1 each with a kick-out clause of 72 hours, 48 hours and 24 hours.
The median price of single family homes that went under contract this week was $379,000 with an average market time of 40 days, last week the median price was $349,900 with an average days on market also 40 days.
2022 by the month
Month New Closed Contracts accepted
January 422 492 623
February 223 271 346
Check back with us every Saturday. At the end of each month we will also show you 2021 and 2020 so you can see how this year compares.
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.
Request a home valuation if you are thinking about selling your home. We will let you know how much it is worth in today’s market. Also, we will provide you with a net proceeds that shows you an estimate of 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 call a loan officer and get pre approved. Get them all your financial documents so they can put it through underwriting so when you find a home all you will need to wait for is the appraisal and title update.
Resources
Types of loans and the process
Check with your loan officer to see what interest rates they will offer you. It depends on your credit score. They will help you if you need to bring up your score.
Let us know what other information you are looking for. We would be happy to get it to you or point you in the right direction.
All data provided is from our MLS MRED, LLC. This is from the data I downloaded this morning. It changes all the time in real time.
Fox Valley home prices February 12 2022. Have an awesome week!
Kristine Heiman, SFR, SRS, AHWD
Designated Managing Broker
Best Homes Fox Valley
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101
