Market update Fox Valley week 43

Market update Fox Valley week 43. New listings of single family homes are down 12.26%.  186 this week compared to 212 the week before.  Inventory remains extremely low and this is not going in the right direction.  If you have been thinking about selling what are you waiting for?  Low competition is what you want.

Closed listing of single family homes are down 6.36%.  265 this week compared to 283 the week before.  That is not down by too much.  Next week is the last week of the month so they it should be higher next week.

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

Aurora-New 30 $134,900-$469,900

            Closed-32 $118,000-$440,501

Batavia-New 6 $174,900-$595,000

             Closed-10 $145,500-$705,000

Bolingbrook-New 9 $269,700-$465,000

                     Closed-16 $175,500-$510,000

Geneva-New 3 $314,900-$449,900

             Closed-10 $235,000-$451,500

Naperville-New 35 $245,000-$3,650,000

                 Closed-37 $227,000-$1,162,500

Oswego-New 16 $195,000-$489,900

              Closed-20 $177,500-$490,000

Plainfield-New 27 $195,000-$589,900

                Closed-38 $89,000-$640,000

St Charles/Campton Hills-

                New 16 $325,000-$1,175,000

                Closed-25 $110,000-$900,000

Yorkville-New 6 $250,000-$499,000

              Closed-18 $220,000-$427,000

Contracts accepted this week

Contracts accepted this week were pretty consistent.  306 single family homes this week compared to 297 the week before.  Buyers are still out there ready to go.  They are having a hard time finding a home.  When they do find a home there are multiple offers they have to compete with.  It continues to be a sellers market.  Prices are going up with low inventory.  Some are getting priced too high and are having a problem when appraisal comes in.

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

Aurora-42                               Bolingbrook-30

Elburn-10                                Geneva-21

Montgomery-13                      Naperville-30

Oswego-16                              Plainfield-29

St Charles/Campton Hills-22   West Chicago-10

Winfield-10                              Yorkville-10

5 short sales were accepted by sellers this week. 2 in Bolingbrook and 1 each in Aurora, Plainfield and Sandwich.  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.  7 with a kick-out clause of 72 hours, 15 with 48 hours and 2 with 24 hours.

Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home.  4 with a kick-out clause of 72 hours, 7 with 48 hours and 1 with 24 hours.

2020 market update 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               1176       1503            1503

October                      654         810               892

Totals                     11074       9607          12397

So far this year September is the best month for single family homes that have closed.  This column is the most important one to look at.  These are actual numbers.  New listings can be ones that have been canceled, expired or relisted again so these are not actual numbers of different homes that came on the market.  Also contracts accepted can be reactivated if things do not go right with the home inspection, attorney review or maybe the buyers loan did not get approved.

Check back with us every Saturday for the market update Fox Valley.  At the end of every month we will also compare 2020 to 2019 and 2018 so you can see how this year is going compared to those years.

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 or someone you know want to sell their home?  Request a home valuation and we will also provide you with a net proceeds that shows you an estimate of 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.

Thinking about buying a home?  Get 2 years of tax returns, pay stubs, car loans, credit card information and any other payments you make regularly together and contact a loan officer so they can get you pre-qualified.  Keep this information together in a file so it is easy to get to.  Once they give you a letter stating what you qualify for and what type of loan will work best for you then you will be ready to start looking at homes.  The letter they give you will go with your offer when you find a home.  This will show the seller that you do qualify for their home.

Check out some great resources:

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

Let us know what questions you have.

Market update Fox Valley week 43.  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