Market update Fox Valley May 30 2020

Market update Fox Valley May 30 2020. New listings of single family homes were down 11% this week. 250 this week compared to 281 the week before. This definitely does not help with the low inventory. We need new listings.

Closed listings of single family homes were up 11 1/2% this week. The end of the month is usually higher than earlier in the month. Most buyers like to close at the end of the month.

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

Aurora-New 35 $114,900-$569,000

Closed-23 $140,007-$760,000

Batavia-New 14 $225,000-$589,000

Closed-3 $205,000-$850,000

Bolingbrook-New 11 $193,000-$315,000

Closed-14 $170,000-$580,000

Elburn-New 10 $309,900-$434,500

Closed-3 $175,000-$383,000

Geneva-New 12 $285,000-$525,000

Closed-12 $225,000-$450,000

Naperville-New 49 $155,000-$5,400,000

Closed-40 $305,000-$1,435,000

Oswego-New 10 $264,900-$474,900

Closed-13 $149,900-$471,500

Plainfield-New 27 $210,000-$1,100,000

Closed-22 $140,000-$526,000

St Charles/Campton Hills-

New 24 $123,900-$824,900

Closed-23 $209,900-$725,000

Yorkville-New 5 $243,900-$399,600

Closed-10 $185,000-$365,000

Contracts accepted this week

Contacts accepted this week of single family homes were identical to the week before. 320 both weeks. Spring market is continuing with a lot of activity. Homes are selling fast if they are in good condition and priced right. It is a great time to sell.

Look at the communities that sellers accepted the most contracts:

Aurora-42 Batavia-10

Bolingbrook-19 Montgomery-15

Naperville-47 Oswego-19

Plainfield-43 St Charles/Campton Hills-25

Sugar Grove-11 West Chicago-17

3 short sales were accepted by sellers this week. 1 each in Bolingbrook, Naperville and West Chicago. Now they 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. 6 with a kick-out clause of 72 hours, 22 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. 6 with a kick-out clause of 72 hours and 5 with 48 hours.

This is a good sign sellers are confident in the market. Back after the market drop in 2010 it took many years for sellers to accept a contract with a contingency of a sale of buyers home.

2020 by the month market update

Month New Closed Contracts accepted

January 1,105 566 858

February 1,267 529 1,024

March 1,186 707 1,079

April 648 786 775

May 1,352 1,010 1,444

Totals 5,558 3,598 5,180

2019

January 878 407 568

February 1,032 463 832

March 1,731 915 1,375

April 1,594 792 1,307

May 1,645 995 1,280

Totals 6,880 3,572 5,362

2018

January 808 482 606

February 1,040 444 856

March 1,549 907 1,564

April 1,515 836 1,278

May 1,569 1,066 1,344

Totals 6,481 3,735 4,304

2018 was the best year out of the 3 for closed homes which is the most important number but we are ahead of 2019 so far this year.

Contact us

Call us at 630-503-6555 for all your real estate questions. Your goal is our goal. We will do everything we can to help you reach your goal.

Selling a home

We are now in phase 3 of Restore Illinois during Covid-19 pandemic. You can click on the link in yellow to see some of the guidelines on how we do business during this time. We have been classified as essential.

If you are thinking about selling during this time the market is busy. You will be directing us on how you want to do business. Do you want to allow in-person showings or do you want virtual showings only. If you do allow showings how do you want them to do that. Wear shoe coverings, wipe down everything they touch, limit how many people enter the home and wear face covering. You will decide what you will allow.

We will talk to you on the phone or we can do video meetings to go over everything. Update the value on your home in today’s market and provide you with a net proceeds that shows you the expenses to sell. This will be update when have an offer come in and we know all the terms.

Buying a home

If you are wanting to buy a home you will need to get pre-qualified with a loan officer. We can make recommendations if you do not know who to call. They will provide you with a letter that states what type of loan will work out best for you and the price that you qualify for. This will go with an offer when we find the home you like.

Check out some great resources:

Market update Fox Valley May 30 2020. Have a great week!

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

besthomesfv@gmail.com