Home Sales Drop in Geneva, St. Charles

The number of single-family homes sold in May 2014 in Geneva dropped  6.7 percent compared to a year earlier, according to statistics released by the Mainstreet Organization of REALTORS (MORe). 

In total, 42 homes were sold in May 2014 compared to 45 homes sold in May 2013. The median home sales price dropped in Geneva by 9.1 percent to $309,000 in May 2014. The median home sales price was $340,000 in May 2013. 

Meanwhile, in St. Charles, the number of home sales dropped 20.7 percent with  65 homes sold in May 2014 compared to 82 homes sold in May 2013, according to MORe statistics. 

The median home sales price in St. Charles increased by 7.2 percent to $342,500 in May 2014. The median home sales was $319,500 in May 2013.  

Throughout the suburbs, prices of single-family, detached homes increased 12.1 percent in May 2014 compared with the same period a year ago, according to statistics released by the Mainstreet Organization of REALTORS (MORe). 

The number of homes under contract also grew last month by 6.3 percent.

MORe’s region – which includes about 200 communities in DuPage, Lake and suburban Cook counties – experienced notable gains last month, as reflected in information provided by Midwest Real Estate Data, LLC.

“Overall we are seeing many positive indicators for the suburban housing market: good prices, multiple offers and inventory levels that have begun to stabilize in some areas,” Parent said. “Sellers have begun to get the message and put their signs up. And, with interest rates still hovering below five percent, if you’re a buyer it’s time to get out there and act.”

In a year-to-year comparison of sales of single-family detached homes, several suburban communities saw increased sales activity, including: Antioch (91 percent increase from May 2013), Fox Lake (138 percent), Schiller Park (100 percent), Winfield (80 percent) and Willow Springs (133 percent).