How is the real estate market doing in Geneva, IL?

This is a very common question asked of real estate agents in Geneva. 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 the answer to this question. The only way you can truly know how the Geneva real estate market is doing is to be informed. The key metrics that answer this question change every month.

In this post, we display some of the key real estate metrics for October, 2013. Bowers Realty Group offers 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 348 homes listed for sale in Geneva during October, 2013, with only 61 of those being new listings that went on the market in October. Of those 348 total homes listed, only 40 homes were sold in October. That means only 11.5% of the homes that were on the market for sale at some point in October actually sold.

Market Composition

Of the 348 homes listed for sale in Geneva during October, 82.5% were Traditional sales, 12.6% were Short Sales, and 4.9% were foreclosures. Compared to last year, that is an increase in Traditional sales over October, 2012 of 4.4%, which means there is a smaller percentage of distressed properties on the market. This leads to higher home prices for the entire market.

Home Values in Geneva

The median list price of homes for sale in Geneva during October was $257,450. The median sold price in Geneva during October was $251,500.

The October, 2013 median price for homes sold in Geneva, IL has appreciated (risen) 7.02% when comparing to October, 2012 (year over year). The median price for homes sold in Geneva, IL has depreciated (fallen) -14.3% when comparing to September, 2013 (month over month).

Are homes selling quickly in Geneva?

The average number of days homes in Geneva are on the market before they sell varies greatly from month to month. In fact, it varies greatly from listing to listing. There are many factors that drastically impact how quickly a home sells, which is another topic in itself. Since the question is asked very often, we will provide the statistic. The average for homes that sold in October, 2013 was 70 days on the market. Do not assume that your home will sell in 70 days!!! If you are interested in understanding the factors that impact how quickly homes sell or 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 Buyers' Market in Geneva. To learn about how that is determined or where the signals for next month are pointing, review Bowers Realty Group's how's the real estate market doing in Geneva page.

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