Market update Fox Valley week 46.  New listings of single family homes are down 12.64%.  152 this week compared to 174 the week before.  We are definitely not listing enough homes to meet the demand of buyers.

Closed listings of single family homes are also down by 30.18%.  199 this week compared to 285 the week before.  Closings in the beginning of the month are to be expected.  Most buyers want to close at the end of the month.

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

Aurora-New 20 $139,900-$389,000

            Closed-25 $80,.000-$450,000

Batavia-New 3 $239,000-$335,000

             Closed-10 $212,000-$435,000

Bolingbrook-New 11 $229,900-$414,900

                     Closed-7 $205,000-$576,000

Montgomery-New 4 $188,900-$389,000

                     Closed-10 $197,950-$339,000

Naperville-New 25 $275,000-$849,900

                 Closed-33 $247,000-$1,480,000

Oswego-New 6 $239,900-$525,000

              Closed-12 $210,000-$437,500

Plainfield-New 22 $169,000-$569,000

               Closed-24 $190,500-$537,500

St Charles/Campton Hills-

                New-13 $229,000-$789.800

               Closed-14 $190,000-$667,449

Contracts accepted this week

Contracts accepted this week on single family homes were very consistent.  239 this week compared to 233 the week before.  Even though there were less listings this week buyers were still finding a home.  They fought for them with multiple offers in a lot of cases.

Look at the communities sellers accepted the most contracts:

Aurora-45                             Bolingbrook-20

Naperville-26                        Oswego-17

Plainfield-28                         St Charles/Campton Hills-18

Yorkville-10

Only 1 short sale was accepted by a seller this week.  It was in Plano.  Now it 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.  3 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 buyer selling and closing on their current home.  1 with a kick-out clause of 72 hours, 4 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                      843     1116              1159

November                  326        484                472

Totals                     11589   10397           13136

September is the best month so far this year for closed single family homes.  This is the only column with actual numbers you can count on.

New listings can be relisted as new.  Some agents do this so it does not look like it has been on the market very long.

Contract accepted may not end up closing because of home inspection issues or attorney review items could not be satisfactory negotiated.  They might be reactivated and then go contract pending again.  So you can’t count on these numbers.

At the end of each month I will compare to 2019 and 2018 so you can get an idea of how this year is going compared to those years.

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.

Request a home valuation if you are thinking about selling your home.  We will provide you with a net proceeds that gives you an estimate of 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?  You need to get your tax returns, check stubs, bank statements and any monthly payments like car payments together and contact a loan officer so they can prequalify you.  They will provide you with a letter that shows what price and what type of loan you qualify for.  When you find a home this will go with an offer so you can show the seller 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 homeowner assistance and some community assistance

Also check with your lender for any special programs they have.  You might be able to combine down payment assistance with some of their programs.

Homes are selling like hotcakes so if you are thinking about selling now is a great time!

Check back with us every Saturday for the market update.  Call us in-between with any questions or if you see something you would like to take a look at.

Market update Fox Valley week 46.  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