Homes Sold and Under Contract Hit New Highs in Fox Valley

The number of homes under contract in St. Charles, Geneva, Batavia, Wayne and Elburn has increased an amazing 53% since August of 2011. The number of homes sold has increased 16% in August of this year compared to August of last year.

The total inventory of homes for sale has dropped over 50% to 6.2 months, which means that at the current rate of sales it would take 6.2 months to sell all the existing listings. A housing market is considered to be in balance when the inventory is at 6 months. Inventory of greater than 6 months favors buyers, while lower levels of inventory create more of a sellers’ market.

Some areas may see an increase in prices because the available inventory of good choices is shrinking. Newer homes at lower price points  – under $350,000 here in the Fox Valley — have a much quicker market time than older and more expensive homes.

It’s clear that the housing market in the Fox Valley is continuing steady improvement. If you’d like more information on homes sold and homes under contract in your community please give me a call at 630.945.7935 or Contact Me.

St. Charles, Geneva, Batavia, Elburn and Wayne
Under Contract and Sold 

St. Charles, Geneva, Batavia, Elburn and Wayne
Months Supply of Inventory

Data is for single family and town homes listed for sale in MRED, the the multiple listing service of northern Illinois. Information believed to be accurate and reliable but is not guaranteed.

Related posts:

1. Fox Valley Market Data
2. Home Purchasing Power Jumps To New Highs
3. How To Revive A “Brown Lawn”