Geneva IL Market Update|Single Family Homes|November 1, 2011
The Geneva single family home real estate market is chugging along in 2011, although the number of sales is lower than in 2010. The good news is that the number of bank-owned and short sales (12%) in Geneva is much lower than in Chicago metro area (40+%).
- 224 closed sales in 2011 versus 248 in the same period in 2010
- The average sold price is $308,555 in 2011 versus $338,843 in 2010.
- 17% (39) closed under $199,999
- 30% (68) closed between $200,000 and $299,999
- 31% (69) closed between $300,000 and $399,999
- 18% (40) closed between $400,000 and $599,999
- 2% (4) closed between $600,000 and $799,999
- <1% (1) closed between $800,000 and $999,999
- 88% (190) were traditional sales
- 12% (38) were a short sale or foreclosure
What Will Happen in the Coming Months?
There are 51 homes under contract in Geneva at an average list price of $315,552. Half of the homes under contract are priced under $300,000.
Of the Active Listings, there is a lot of inventory going into the slowest time of the year. The inventory is based on the average number of sales per month in the past 10 months. In this area the rate of contracts typically falls in October, November, December and January, so the absorption rate (sales per month) will be considerably longer in the next few months.
- 9% (21) are priced under $199,999 = 5.3 months of inventory
- 19% (44) are priced between $200,000 and $299,999 = 6.5 months of inventory
- 32% (74) are priced between $300,000 and $399,999 = 10.7 months of inventory
- 28% (64) are priced between $400,000 and $599,999 = 16 months of inventory
- 5% (12) are priced between $600,000 and $799,999 = 33 months of inventory
- 3% (7) are priced between $800,000 and $999,999 = years of inventory
- 3% (6) are priced between $1,000,000 and $1,999,000 = years of inventory
If you are thinking of buying or selling a home in Geneva IL you can check the new listings that appear every day and follow my market reports here on this blog.
If you would like to information about buying a home or selling a home in Geneva IL, please give me a call at (630)945-7935. I’m a 17 year resident of the Fox Valley and an experienced Geneva IL real estate agent.
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Geneva IL Market Update
Single Family Homes as of November 1, 2011
Closed Sales: 224
Average Closed Price: $308,555
Average Market Time: 166 Days
Under Contract: 51
Average List Price: $315,552
Average Market Time: 219 Days
Active Listings: 228
Average List Price: $412,879
Average Market Time: 228 Days
962 S Randall Rd St. Charles, IL, 60174 USA
leslie.ebersole@bairdwarner.com • 630-945-7935
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About Leslie Ebersole
Leslie – Great real estate market report for Geneva IL, it’s such a beautiful place. My husband and I got married at the Japanese Garden in Fabayan Park.
It is so pretty there. Post a pic here or on FB
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This is valuable information for your Geneva, IL home buyers and sellers, Leslie.