Geneva Homes for Sale: February 2013 Market Report
The nearby Geneva Homes for sale data set compares the three-month period of December 2011-February 2012 vs. December 2012-February 2013 in Geneva, IL.
Comparing the current quarter to the same quarter last year creates a big enough data set to be meaningful and discounts the seasonal impact of the real estate market or single month data distortions.
The "sold" volume increased sharply (+24%) versus the same quarter last year, with a reduced (-26%) level of inventory. While new listings decreased slightly versus in the previous year (-5%), a robust sales season throughout the fall cleared much of the available inventory in Geneva so despite only a slight decrease in new listings versus the year earlier, there are still far fewer homes on the market for the pace of sales in the market (-37%).
Hopefully the increase in prices (+3%) versus the previous year coaxes more sellers into the marketplace. The piece of data that puzzles me is the mean list-price sellers are asking is down 8% despite an accelerating market. I am encouraging sellers to begin to adopt a more aggressive pricing posture (translation: go for it!) in light of a tightening market with fewer homes from which to choose.
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This representation is based in whole or in part on data supplied by Midwest Real Estate Data LLC for the period December 2011 through February 2013. Midwest Real Estate Data LLC does not guarantee nor is it in any was responsible for its accuracy. Data maintained by Midwest Real Estate Data LLC may not reflect all real estate activity in the market.