Fox Valley real estate market update October 16 2021

Fox Valley real estate market update October 16 2021.  New listings of single family homes are down.  171 this week compared to 205 the week before.   This is getting so extremely low.  This covers 2 counties Kane and Kendall.

Closed listings of single family homes are also down.  208 this week compared to 228 the week before.  We are half way through the month.  This should increase in the next 2 weeks as we get closer to the end of the month.

Aurora-New 23 $194,500-$775,000

            Closed-25 $158,000-$1,075,000

Bolingbrook-New 11 $204,000-$425,000

                   Closed-17 $180,000-$610.,000

Montgomery-New 4 $239,900-$389,999

                     Closed-15 $220,000-$345,900

Naperville-New 34 $310,000-$1,500,000

                 Closed-29 $280,000-$1,300,000

Oswego-New 12 $250,000-$659,000

             Closed-11 $205,000-$442,500

Plainfield-New 20 $279,900-$510,000

                Closed-28 $189,500-$590,000

St Charles-New 13 $225,000-$965,000

                  Closed-15 $270,000-$950,000

West Chicago-New 5 $235,000-$400,000

                       Closed-13 $199,900-$652,000

Aurora saw it’s first home closed over 1 million dollars this week for the year.  It was in Stonebridge subdivision.  Some communities we have seen this often, and others have not see one yet.

Financing, median prices and homes 2,000 square feet or more

Median listed price this week $350,000, last week it was also $350,000.

Closed median price this week $341,000, last week it was $355,000.

Conventional financing  was used on closed homes this week 131 at a median price of $376,077, last week 154 at $393,125.

Cash homes closed this week 27 at median price of $324,900, last week 28 at $259,000

FHA homes closed this week 35 at median price of $282,000, last week 33 at $280,000.

VA homes closed this week 15 at median price of $349,000, last week 11 at $340,000.

Homes closed with 2,000 square feet or more this week 123 at a median price of $409,000, last week 131 at $420,000.  Minimum price was $205,000 this week, last week $216,000.

This gives you an idea of what seller’s are accepting for financing, what types are used and the price ranges.  If you are looking for a home with 2,000 square feet or more this gives you an idea of what you will have to spend to get that in the Fox Valley.

Fox Valley real estate market update contracts accepted this week

Contracts accepted this week on single family homes was down.  233 this week compared to 256 the week before.    New listings have declined so this is to be expected.  This does not mean there are less buyers out there.  We need more listings!

Aurora–35                        Bolingbrook-23

Geneva-12                          Montgomery-14

Naperville-34                     Oswego-18

Plainfield-27                       St Charles-21

1 short sale was accepted by a seller this week on a single family home.  It was in Aurora.  Now it will be submitted to the lender to see if they will also accept.  Prices are rising because of low inventory so a lot of sellers can sell without having to sell short.  Some even walk away with money to help them move. 

It is a good idea to find out what your home is worth right now.  You might be able to sell too.

Seller’s accepted contracts that are contingent on the buyer closing on their current home.  3 with a kick-out clause of 72 hours and 2 with 48 hours.

Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home.  5 with a kick-out clause of 48 hours.

Fox Valley real estate market update 2021 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            1288                 1289

June             1450            1686                 1671

July              1118             1182                  1210

August         1109             1203                  1170

September  1083             1411                   1251

October        376              436                   489

Totals      9327      10484          11529

Sales of single family homes have been good this year despite the pandemic and a very tight market of listings.  The demand for housing is not diminishing.

Check back with us every Saturday to see the 2021 by the month.  At the end of each month we will also look back at 2020 and 2019 so you can compare how the market is improving.

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.

Getting a contract on a home is not the hard part.  There are so many things to get through to get to closing.  You want someone that will stay on top of things and overcome any obstacles that might pop up so you get to closing.

Appraisals are one of those obstacles that are happening right now.  Prices are rising, but you need to find comparable properties to show the lender that it is worth that price.  If the appraisal comes in low you will have to renegotiate or the buyer will need to bring into closing the difference in cash besides the rest of the closing costs.

Request a home valuation if you are thinking about selling your home.  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 so you can make a good decision.

Are you thinking about buying a home?  The first step is to gather all your financial information and get it to a loan officer so they can get you pre approved.  They will provide you with a letter that will go with an offer when you find a home.  This shows the seller that you qualify for their home.  Just talking to a loan officer and giving them your information is not good enough anymore.  You need to go through the extra step of getting them all your financial information.

Resources:

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

You can also check different sites for current interest rates.  If you have a loan officer they can keep you up to date with the rates that they offer and any incentives they might have.

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

All data used is from our MLS MRED, LLC.

Fox Valley real estate market update October 16 2021.  Have a great week!

Kristine Heiman, SFR, SRS, AHWD

Designated Managing Broker

Best Homes Fox Valley-Search for a home today!

200 Webster St

Montgomery, IL 60538

630-503-6555 ext 101