Housing Market Trends for December 2013
The Kombrink Team at RE/MAX Great American North has put together their Geneva IL Real Estate Market Report for December 2013.
This report gives you a complete snapshot of the current housing market as well as historical data for Geneva, Illinois.
Our interactive infographic hits on most of the key numbers in the report. To view all of the numbers, and what they mean to you, continue reading.
HOMES FOR SALE
There are currently 195 homes for sale in Geneva. This represents a -24.5% drop from the same period one year ago. It's a -37% drop from two years ago when there were 311 homes for sale. This is welcome news for home sellers as there is less competition in the marketplace.
There have been 543 homes sold in Geneva during the last 12 months. This is up 25.4% from one year ago. This time period two years ago saw only 323 home sell. Again, good news for sellers as this shows buyers are coming back into the market.
AVERAGE LIST PRICE
The average list price has remained steady since December 2010. The typical home in Geneva is priced at $351,820.
AVERAGE SALE PRICE
Sale prices are up slightly over last year. The average sale price rose 3.5% over last year to $307,823. This is welcome news for both buyers and sellers. It indicates that home values are not decreasing and buyers are still able to find bargains in the marketplace.
Market time, that's the amount of time a home is on the market until it sells, has dropped dramatically. The average home in Geneva is on the market for 109 days, down -32.9% from last year.
Geneva has transitioned into a sellers market over the last couple of years. By looking at the number of homes for sale and how many are selling each month, we are able to determine the months supply of housing.
For example, if there are 10 homes on the market and 5 sell each month, we would have a 2 months supply of housing.
Geneva currently has a 4.6 month supply. The norm would be 5-6 months. This puts us just under that threshold and is good news for sellers as this means competition is scarce, demand is high and prices typically rise in this scenario.
This represents a huge change as two years ago we had an 11.8 month supply.
If you have questions about the real estate market in Geneva, don't hesitate to give The Kombrink Team at call at 630-488-3300.