Real Estate Market

Fox Valley Market Trends - May 2019

National Real Estate Overview

Note: March 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales retreated in March, following February’s surge of sales, according to the National Association of Realtors®. Each of the four major U.S. regions saw a drop-off in sales, with the Midwest enduring the largest decline last month.


Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) fell 4.9% from February to a seasonally adjusted annual rate of 5.21 million in March. Sales as a whole are down 5.4% from a year ago (5.51 million in March 2018).


National Association of Realtors March 2019 Data

NAR's chief economist, Lawrence Yun, anticipated waning in the numbers for March. “It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.”

 

The median existing-home price for all housing types in March was $259,400, up 3.8% from March 2018 ($249,800). March’s price increase marks the 85th straight month of year-over-year gains.


Total housing inventory at the end of March increased to 1.68 million, up from 1.63 million existing homes available for sale in February and a 2.4% increase from 1.64 million a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace, up from 3.6 months in February and up from 3.6 months in March 2018.

Properties remained on the market for an average of 36 days in March, down from 44 days in February but up from 30 days a year ago. Forty-seven percent of homes sold in March were on the market for less than a month.


Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.27% in March from 4.37% in February. The average commitment rate across all of 2018 was 4.54%.


First-time buyers were responsible for 33% of sales in March, up from last month and a year ago (32% and 30%).


 

Make Your Offer Count!

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.

While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.

A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!


 

Celebrate Your Mom In The Fox River Valley!

It's time to celebrate that most special woman in your life.....MOM! Mother's Day is Sunday, May 12th. Thank mom for all that she does at fantastic holiday events hosted throughout the Fox River Valley. Whether it is a delicious brunch at one of your favorite local restaurants, finding the perfect Mother's Day present at one of the unique stores in our areas, or taking her out for a fun evening of entertainment, you can find the perfect way to show your mother how much you appreciate her! Here are our recommendations for this Mother's Day in the beautiful Fox River Valley!

Mother’s Day Brunch

Atwater's Restaurant | 15 South River Lane, Geneva

Time: 8:00 am - 2:00 pm

Cost: A la carte

Reservations: (630) 208-8920


Hotel Baker | 100 West Main Street, St. Charles

Time: 9:00 am - 2:30 pm

Cost: $55 per adult | $27 per child (ages 4-12) | FREE for children 3 & under

Reservations: (630) 584-2100


Pheasant Run Resort | 4050 East Main Street, St. Charles

Time: 9:00 am - 2:00 pm

Cost: $42.95 per adult | $19.95 per child (ages 5-12) | FREE for children under 5

Reservations: (630) 584-6300


Wildwood Restaurant | 477 South Third Street, Geneva

Time: 9:30 am - 2:30 pm

Cost: $50 per adult | $25 per child (ages 5-11) | FREE for children under 5

Reservations: (630) 377-8325


Holiday Inn & Suites Chicago Northwest - Elgin | 495 Airport Road, Elgin

Time: 10:00 am - 1:00 pm

Cost: $29.95 per adult | $15.95 per child (ages 6-11)

Reservations: (847) 488-9000


Niche Restaurant | 14 South Third Street, Geneva

Time: 10:00 am - 2:00 pm

Cost: $48 per adult | $24 per child (ages 12 & under)

Reservations: (630) 262-1000


Francesca's By The River | 200 South Second Street, St. Charles

Time: 10:00 am - 3:00 pm

Cost: $42 per adult | $16 per child (ages 12 & under)

Reservations: (630) 587-8221


The Oscar Swan Country Inn | 1800 West State Street, Geneva

Time: 11:30 am OR 2:30 pm (2 seatings)

Cost: $49 per adult | $20 per child (ages 2-7) | FREE for children under 2

Reservations: (630) 232-0173


The Rullo Team wishes all the moms throughout the Fox River Valley a very happy Mother's Day!!!