Market update Fox Valley week 38

                                                                                                                                                                                                                                         Market update Fox Valley week 38.  New listings of single family homes were up 7.55%.  228 this week compared to 212 the week before.  Slight increase we are thankful for but it is still not enough.  Extremely low inventory continues.

Closings were also up by 37.5%.  297 this week compared to 216 the week before.  They should increase as we head to the end of the month.

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

Aurora-New 31 $139,900-$1,699,000

            Closed-30 $85,000-$780,000

Batavia-New 8 $202,500-$525,000

             Closed-11 $264,900-$1,010,000

Bolingbrook-New 14 $164,900-$419,999

                     Closed-19 $112,000-$479,500

Geneva-New 11 $274,900-$654,900

             Closed-10 $299,900-$662,500

Montgomery-New 8 $170,00-$399,000

                      Closed-13 $145,000-$267,000

Naperville-New 40 $249,000-$2,250,000

                 Closed-65 $275,000-$1,405,000

Oswego-New 19 $205,000-$1,500,000

              Closed-15 $230,000-$545,000

Plainfield-New 15 $204,900-$504,900

                Closed-41 $215,000-$482,670

St Charles/Campton Hills-

                New 18 $300,000-$2,495,000

                Closed-27 $250,000-$1,127,000

West Chicago-New 10 $234,900-$649,900

                       Closed-10 $130,000-$398,700

Contracts accepted this week

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts accepted this week on single family homes were up 15.41%.  307 this week compared to 266 the week before.  34.65% more single family homes taken off the market with contracts than new listings coming on the market.  It is time for you to get your home on the market if you want to sell this year.

Look at the communities that sellers accepted the most contracts:

Aurora-44                              Batavia-10

Bolingbrook-13                     Geneva-17

Naperville-47                        Oswego-18

Plainfield-46                         St Charles/Campton Hills-22

Yorkville-16

Sellers accepted contracts that are contingent on the buyer closing on their current home.  9 with a kick-out clause of 72 hours, 14 with 48 hours and 4 with 24 hours.

Also, sellers accepted contracts that are contingent on the buyers selling and closing on their current home.  5 with a kick-out clause of 72 hours, 5 with 48 hours and 1 with 24 hours.

These sellers still feel confident in the market that these buyers will get through their contingencies and close.

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              695          870                   907

Totals                    9939       8164              10909

Closed is the most important column to look at.  This is what actually happened.  New listings can be relisted so they might be counted twice.  The same for contracts accepted.  Some of them do not make it past the home inspection and attorney review.  They go back on the market and then get another contract.  They might also be counted twice.  Sometimes even more.

July is the best month so far.  This is not typical.  July is usually a slow month when most people are on vacation.  The pandemic stalled the market in April and then started back up strong in May.  So many people I have talked to that have not been paying attention to what is going on in the real estate market are surprised to hear how well the market is doing during this time.

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.

It is not too late to get your home on the market.  You can still get moved before the holidays. Request a home valuation so you know the value of your home in today’s market.  I think you will be happily surprised.  We will provide you with a net proceeds that shows you an estimate of expenses to sell and what you might walk away with.  This will be updated when an offer comes in and we know all the terms so you can make a decision.

If you are thinking about buying a home you need to contact a loan officer to get pre-qualified so you know what type of loan and what price range will work out best for you.  They will provide you with a letter that will go with an offer when you find a home.  You need to get this updated if it is older than 30 days.

Check out some great resources:

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

Market update Fox Valley week 38.  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