Fox Valley Real Estate Review November 2016

Real Estate Indicators for the Fox Valley Market

Thanks to continuing high employment rates and low mortgage rates, the Fox Valley has enjoyed a comfortable pace this year. Market acceleration has been dampened though due to a decline in housing inventory. Unfortunately, there's not much indication this inventory shortage will resolve itself in the near future.

There was a 7.8% decrease in new listings in the Fox Valley year-over-year. We currently stand at 3,630 homes on the market which is also down 23.3% year-over-year.

Pending home sales were up 13.9% year-over-year and 7.7% YTD with 1,038 homes pending in the Fox Valley area.

Prices across the area have been on the rise with the median sales price increasing 11.4%. Listing prices are up as well by 3.1% to an average of $262,072. Fox Valley home sellers are realizing 95.5% of their asking price which is up 1.9% year-over-year.

Homes are also selling quicker with the average market time dropping 16% to 79 days.

While builder confidence is still high, the slow pace of economic growth has stalled things for now. Low first-time buyer numbers are also keeping builders on the sidelines.

As another generation of Americans retire and downsize, the market inventory should pick up so for now we're in a holding pattern.

These figures represent residential real estate only. The Fox Valley area encompasses parts of Kane and Kendall counties from Wasco to the north down to Yorkville and from Kaneville on the west to Batavia on the east.

This article was originally posted on Friday, November 18, 2016 at kombrink.com.