Market update Fox Valley week 37

Market update Fox Valley week 37.  New listings were down 16.86% this week.  212 new single family homes listed this week compared to 255 the week before.  So many people are getting adjusted to school starting either in person or remotely.  Hopefully this will be a better week coming up because we are definitely going in the wrong direction with new listings.

Closed listings were also down this week by 39.50%.  216 closed single family homes this week compared to 357 the week before.   It is typical to have lower numbers in the beginning of the month.  Last week Monday was the last day of the month of August and some of the others were most likely supposed to close at the end of August and were delayed.  We are seeing a lot of delays because of the lender not getting the loan processed in time.

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

Aurora-New 26 $140,000-$475,000

            Closed-31 $124,900-$457,500

Bolingbrook-New 8 $139,900-$410,000

                     Closed-13 $182,000-$352,500

Geneva-New 16 $225,000-$649,900

             Closed-14 $285,000-$650,000

Naperville-New 48 $220,000-$3,500,000

                  Closed-41 $240,000-$1,350,000

Oswego-New 10 $202,500-$439,000

              Closed-11 $201,000-$495,000

Plainfield-New 24 $159,000-$622,500

                Closed-18 $246,750-$514,704

St Charles/ Campton Hills-

                 New 17 $199,900-$799,000

                 Closed-14 $248,000-$755,000

West Chicago-New 5 $225,000-$439,108

                       Closed-11 $194,500-$575,000

Yorkville-New 9 $199,900-$2,649,000

              Closed-14 $189,000-$392,000

Contracts accepted this week

Contracts accepted this week on single family homes was down this week by 20.36%.  266 contracts accepted this week compared to 334 the week before.  Inventory  is extremely low.  We need a wide range of prices of homes to come on the market to meet the needs of buyers.

Look at the communities that sellers accepted the most contracts this week:

Aurora-40                             Bolingbrook-23

Geneva-10                            Minooka-11

Naperville-50                        Oswego-16

Plainfield-30                         St Charles/Campton Hills-18

Yorkville-10

2 short sales were accepted by sellers this week.  1 each in Aurora and Montgomery.  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. 10 with a kick-out clause of 72 hours, 9 with 48 hours and 1 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.

This gives you an idea of how many buyers are out there ready to go and willing to write a contract.  Not all of these will close.  Some of them will not make it past the attorney review and home inspection.  They will be activated again.

2020 by the month

Month                         New     Closed     Contracts accepted

January                    1105        566              858

February                  1267        529            1024

March                     1186         707            1079

April                          648         786              775

May                         1352      1010            1444

June                         1232        908            1534

July                          1417      1453            1852

August                     1037       1335            1436

September                 467          573              600

Totals                       9711       7867          10602

Closed is the column you want to pay the most attention to.  July was the best month we have had so far this year.  Usually that is a slower month with people on vacation.  This has not been a typical year.  It has turned out way better than I expected with a pandemic going on.  I still find people that don’t pay attention to what is going on and are surprised that the market is so active.

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.

Do you know what your home is worth?  Let us update the value in today’s market.  We will provide you with a net proceeds that shows you an estimate of the expenses to sell and what you might walk away with. Request a market analysis here.

Are you thinking about buying a home?  First thing you need to do is call a loan officer and get pre-qualified.  They will let you know the type of loan and price range that will work out best for you.  Your loan officer will give you a letter showing what you qualify for and this will go along with an offer when you find the home you like.  This needs to be kept up-to-date.  It has to be no older than 30 days.

Check out some great resources:

• Types of loans and the process
• VA loan and the requirements
• Current interest rates
• Down payment assistance
• Illinois homeowner assistance and some community assistance

If you are looking for any other resources just let us know and we will be happy to point you in the right direction.

Market update Fox Valley week 37.  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