.

What Homes Are Selling in the Tri-Cities?

The nearby graph denotes the distribution of sales of homes by bedroom. Ours is a market dominated by three- and four-bedroom homes.

I had a good friend of mine ask me at a soccer game what types of single-family homes seemed to be selling in the Tri-Cities. I thought it seemed like a very common question to address in a post.  

Let me answer in two ways, first by community and then by type and price of home.  

Over the past 12 months, there have been 509 sold homes in the St. Charles/Campton Hills area, while Batavia had 221 homes sell. There were 258 home sales in Geneva. Each market had approximately a one year inventory of homes sold at the current rate homes are selling. 

The nearby graph denotes the distribution of sales of homes by bedroom. Ours is a market dominated by three- and four-bedroom homes.  

Zeroing in on the four-bedroom sales is instructive.  Four-bedroom homes in St. Charles/Campton Hills that sold were originally listed for an average of $451,528 and ultimately sold for an average of $399,700 or 89 percent of the original list price.  The same four-bedroom home in Batavia was originally listed for $380,900 on average and sold for an average of $335,700 or 88 percent to original list price. Four-bedrooms in Geneva averaged a starting list price of $387,299 and sold for $352,000, 91 percent of the original list price. It’s important to note these are the homes that SOLD. Those that didn’t were priced higher. 

Again, this data is a snapshot over the course of the last 12 months. When looking again, just at four-bedroom homes that sold over the past 3 months, the average sold price increased in St. Charles by $34,000 (to $434K) and decreased another $18,000 (to $317K) and $29,000 (to $323K) in Batavia and Geneva respectively. 

The old saw in real estate is that it’s location, location, location. Your neighborhood is probably performing differently than this aggregate snapshot. Feel free to contact me or another Realtor to better understand the current value of your home. 

This representation is based in whole or in part on data supplied by Midwest Real Estate Data LLC for the period November 2010 through October 2011.  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.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Bob McQuillan October 19, 2011 at 02:35 AM
great information, thanks for taking the time to share this information. The key unknown is what the same houses would have listed for in 2005. You could look at the average sold prices in 2005 and roughly estimate how much the home value has decreased. I do know that in the early to mid 2000's houses were selling about 97% of asking price. The drop to 89-95% shows that buyers are still expecting a large reduction from the asking price.
D. Niel October 19, 2011 at 04:43 PM
I think that there is one more piece of information that would be helpful. What % of the houses available for sale are two, three and four bedroom houses?
Scott Nowling October 20, 2011 at 02:26 AM
Bob- Good suggestion. I'll share data on the resale of actual homes to share price change from time period to time period. Stay tuned!
Brian Townsend October 24, 2011 at 01:29 AM
Thanks for sharing this information Scott. It's not necessarily good news for any of us, but it shows real estate in St. Charles is performing well when compared to our good neighbors in Geneva and Batavia.
Scott Nowling October 24, 2011 at 01:39 AM
I appreciate your comments. My sincere hope is that each of the Tri-Cities weathers this slump and returns to growth in home prices. Our community has a story to tell and my belief is we need to do a great job working together to tell the story of the entire community. A rising tide lifts all boats!

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »