Market update Fox Valley week 30
Market update Fox Valley week 30. New listings of single family homes are up 10.89%. 285 new listings this week compare to 257 the week before At least we are going in the right direction.
Closed listings of single family homes were down 11.88%. 282 closed this week compared to 320 the week before. That is unusual. They usually go up as we head into the end of the month.
Take a look at the communities with the most activity this week:
Aurora-New 34 $109,900-$499,900
Closed-32 $87,500-$485,000
Batavia-New 13 $215,000-$1,205,000
Closed-14 $185,000-$595,000
Bolingbrook-New 19 $174,900-$599,900
Closed-21 $160,000-$380,000
Geneva-New 11 $264,900-$1,089,000
Closed-15 $264,900-$1,450,000
Naperville-New 61 $249,900-$2,250,000
Closed-42 $230,000-$1,500,000
North Aurora-New 14 $220,000-$524,900
Closed-7 $215,000-$436,500
Oswego-New 10 $205,000-$1,000,000
Closed-19 $160,500-$649,900
Plainfield-New 29 $225,000-$499,900
Closed-46 $170,000-$830,000
St Charles/Campton Hills-
New-25 $196,000-$995,000
Closed-18 $230,000-$665,600
West Chicago-New 10 $189,900-$1,750,000
Closed-6 $85,000-$430,000
Yorkville-New 10 $223,000-$698,900
Closed-10 $239,900-$479,500
Contracts accepted this week
Contracts accepted this week were down 7.44%. 373 contracts accepted on single family homes compared to 403 the week before.
Look at the communities seller’s accepted the most contracts:
Aurora-51 Batavia-10
Bolingbrook-18 Geneva-23
Montgomery-18 Naperville-60
North Aurora-13 Oswego-19
Plainfield-46 St Charles/Campton Hills-19
West Chicago-18 Yorkville-18
5 short sales were accepted by seller’s this week. 1 each in Aurora, Bolingbrook, Hinckley, North Aurora and Oswego. Now they will be submitted to the lender to see if they will also accept.
Seller’s accepted contracts that are contingent on the buyer closing on their current home. 13 with a kick-out clause of 72 hours, 18 with 48 hours and 2 with 24 hours.
Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home. 7 with a kick-out clause of 72 hours and 10 with 48 hours.
2020 by the month and a look back at 2019 and 2018
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
June 1,232 908 1,534
July 1,133 1,169 1,507
Totals 7,923 5,675 8,221
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
June 1,643 1,253 1,218
July 1,423 1,008 1,090
Totals 9,946 5,833 7,670
2018
January 808 489 606
February 1,040 444 856
March 1,549 907 1,564
April 1,515 836 1,278
May 1,569 1,066 1,344
June 1,828 1,720 1,474
July 1,318 994 1,061
Totals 9,627 6,456 8,183
You can see homes closed have been declining over the years also the homes available to sell. Homes available to sell is the biggest factor here. Low inventory has been a problem even before 2018. Buyer’s are wanting to buy but they just can’t find the home they need. This has increased pricing of the homes that are available to sell. Supply and demand. If you have thought about selling now is the time so you will not have as much competition.
Contact us
Call us at 630-503-6555 with your real estate questions. Your goal is our goal. We will do everything we can to help you reach your goal.
Let us update the value of your home in today’s market. We will provide you with a net proceeds that shows you the expenses to sell. This will be updated when an offer comes in and we know all the terms.
If you are thinking about buying a home you need to call a loan officer to get pre-qualified first. They will give you a letter showing what type of loan and the price that will work out best for you. We need to attach the letter with an offer when you find the right home so they seller can see that you 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
Check to see if you can get some down payment assistance so you can use the money you have to paint or buy furniture for the new home. It will also save you from asking the seller to help you with closing costs.
People are changing some of their criteria for a home with the pandemic. Some are wanting space to work from home or a bigger yard for the kids. There is so much talk about going back to school. Some are happy with what their school is deciding and others are not happy. I can see some might want to move to a different school district that has more to offer or different choices. Some are talking about home schooling. They might need more space.
We do need to increase inventory so buyer’s have something to look at.
Market update Fox Valley week 30. Have a great week! Check back with us next week for the update or give a call.
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
