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Health & Fitness

Geneva IL Real Estate Market Insight: August 2013

Geneva IL Real Estate Market Insight: August 2013

Key Market Indicators Show Direction Market Is Headed

Last week realtor.com released their National Housing Trend Report for August 2013. As the year’s peak home buying season comes to a close, key market indicators point to a shift in the dynamics of the housing market, suggesting that future home value appreciations may be driven by market demand, rather than inventory shortages.

An analysis of the summer home buying season ending in August shows year-over-year changes now within the single-digits for three key indicators – inventory count, median age and median list price, signaling a leveling of the market not seen for some time.

Nationally, inventory has dipped slightly and prices are increasing.  Homes are selling faster with the median age of homes for sale, that’s the amount of time they’re on the market, falling 8% to 92 days.

Find out what's happening in Genevawith free, real-time updates from Patch.

However, and this is where it pays to seek out local news and insight, the Fox Valley region is experiencing some more dramatic changes.

Let’s take a look at Geneva IL Real Estate Market Insight: August 2013.

Find out what's happening in Genevawith free, real-time updates from Patch.

Compared with National figures, Geneva is inline with a drop in inventory with the number of homes for sale falling 24.4% from last year.  This provides for much greater demand and if you’re on the fence about selling your home, now’s the time to get it on the market.

Geneva fares better than the national average in the amount of time it’s taking to sell these homes.  Geneva experienced a drop of 20% in the median age of inventory, meaning homes are selling faster than last year.  That means buyers are out there buying up these homes and again, while inventory is low and demand is high, there’s never been a better time to sell your home.

Contrary to national figures, and local numbers in the Fox Valley, the median list price in Geneva has decreased slightly by 2%.  Not to worry, this merely indicates that sellers are pricing their home more in line with what the market will bear.  We know this because the median sales price has increased 2.4%.  This is forecasted to continue to rise.

Again, I can’t stress enough, if you’re on the fence about selling your Geneva home, you won’t find a better time.  Supply is low right now, while demand is high.  The recent rise in interest rates will surely slow down the demand and stabilize prices so get in the market now while the getting's good.

Get started by finding out the home price for your Geneva home!

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