Geneva Home Prices Fall -2.46%

Geneva, IL Home Prices Fall -2.46% in November 2013.

The November 2013 median sold price for single family homes sold in Geneva, IL has depreciated -2.46% when comparing November 2013 to November 2012 (year over year). The median price for single family homes sold in Geneva, IL has appreciated 8.18% when comparing November 2013 to October 2013 (month over month).

The median list price of single family homes for sale in Geneva during November was $304,900. The median sold price in Geneva during November was $297,500.

While the median home price movement is a key indicator in the health of the Geneva real estate market, it is far from the only driving factor. Whether you are a home owner in Geneva or a potential buyer interested in homes for sale in Geneva, IL you are undoubtedly interested in how the Geneva real estate market is doing. The only way you can truly know how the Geneva real estate market is doing is to be informed.

In this post, we display some of the key real estate statistics for November 2013. The following statistics include only single family homes in Geneva. The statistics do not include condos, townhomes, or multi-unit properties because they are a separate market from detached single family homes. Bowers Realty Group's website offers graphical representations of the statistics and a more comprehensive explanation of how the real estate market is doing in Geneva, including explanations of how the key metrics compare to the previous 13 months.

Homes Listed vs. Homes Sold

There were 228 detached single family homes listed for sale in Geneva during November 2013, with only 19 of those being new listings that went on the market in November. Of those 228 total homes listed, only 29 homes were sold in November. That means only 12.7% of the homes that were on the market for sale at some point in November actually sold.

Market Composition

Of the 228 homes listed for sale in Geneva during November, 83.8% were Traditional sales, 11.8% were Short Sales, and 4.4% were foreclosures. Compared to last year, that is an increase in Traditional sales over November 2012 of 4%, which means there is a smaller percentage of distressed properties on the market. This leads to higher home prices for the entire market.

Are homes selling quickly in Geneva?

The average for homes that sold in November 2013 was 120 days on the market. Do not assume that your home will sell in 120 days!!! The average number of days homes in Geneva are on the market before they sell varies significantly from month to month. In fact, it varies drastically from listing to listing. There are many factors that substantially impact how quickly a home sells, which is another topic in itself. Your home can sell much more quickly than the average. If you are interested in how quickly your home can sell, contact Bowers Realty Group at 630-712-1921.

Is it a Buyers' Market or a Sellers' Market in Geneva?

It is currently a Neutral Market in Geneva, meaning it is neither a Buyers' Market or a Sellers' Market. It is in between the two. To learn about how that is determined or where the signals for next month are pointing, review the report section of Bowers Realty Group's website, www.teambowersrealtors.com.

The accuracy of all information, regardless of source, is deemed reliable but not guaranteed.