Real Estate

June Home Sales: Geneva Sales Up, Prices Down

Year-over-year, home sales increased 17.1 percent in suburban Chicago during June. In Geneva, more homes sold at a lower median price, according to the Mainstreet Organization of Realtors.

The 49 single, detached homes sold in Geneva during June 2013 represented an 8.9 percent increase over June 2012, when 45 homes were sold, according to the Mainstreet Organization of Realtors (MORe).

While the number of homes sold increased slightly in Geneva, the median home price did drop slightly. The median price dropped -7.5 percent to $310,000 from $335,000 in June 2012, according to the statistics.

Sales of single-family, detached homes in suburban Chicago increased 17.1 percent in June 2013 compared with the same period a year ago, MORe reported. Sales in the 200 communities MORe gathers information about in DuPage, Lake and suburban Cook counties – experienced notable sales gains last month.

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Sales momentum is expected to continue in those communities, as the number of detached homes under contract in June grew by 36.5 percent in those same communities, according to MORe. The median sale price for detached homes also increased 9.5 percent from the previous June, and according to MORe this marks the fourth month in a row of year-over-year price growth.

In the Tri-Cities, Batavia, Geneva and St. Charles all saw growth in home sales during June, but Batavia was the only community to experience an increase in median sales price with a 12.9 percent increase from $239,000 in June 2012 to $269,900 in June 2013.

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In neighboring DuPage County — among Patch communities — Clarendon Hills experienced the most significant increase in sales over the same period last year. Several Patch communities in DuPage County experienced a decline in the median sales price during June, but Downers Grove saw the largest decrease in price. Sales prices dropped -13.7 percent with sales prices declining from $355,000 in June 2012 to $306,500 in June 2013, according to the statistics.

Darien experienced the most significant decline in the number of homes sold, dropping -18.2 percent from June 2012.

Buyers should look to act soon if they are interested in buying so they lock in today’s low interest rates, said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.

“A slow and steady growth in home prices, combined with more properties coming on the market, is creating ideal conditions for both buyers and sellers,” she said.


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