Geneva's October Home Sale Prices Drop Like a Lead Balloon

Home prices for Geneva took a dive year over year for the month of October, a sobering statistic especially when you consider the median prices went up in Batavia and St. Charles during the same time period.

Overall, the market for detached, single-family homes in the Tri-Cities area saw growth in October, according to the Mainstreet Organization of Realtors (MORe). MORe gets its statistics from Midwest Real Estate Data.

St. Charles experienced the most dramatic percent change in the number of homes sold, with an uptick of 38.5 percent in October 2012 over October 2011. The number of actual homes sold this October was 54, compared to the 39 sold during the same period last year.

Across the Chicago suburbs, sales of single-family detached homes rose 44.6 percent in October over the same month in 2011, according to MORe. 

MORe predicts November will be another month of local housing market growth, as the number of detached homes under contract in October 2012 was 65.8 percent higher than in October 2011. 

“2012 has already been a strong year for the housing market, and we are seeing activity continue to increase,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “Affordable home prices and historically low interest rates have created a rare opportunity for buyers. We are actually back to the point where we are seeing multiple offers on properties.”

264,015

209,000

245,000

321,500

334,500

310,000

Source: Mainstreet Organization of Realtors