2014 Real Estate Trends In St. Charles & Geneva IL

2014 Real Estate Trends In St. Charles & Geneva IL

As we predicated in our January 2013 blog post http://www.lynnpurcell.com/the-time-is-right/, 2013 was a much better year to sell and the home market hit bottom in the end of 2012 to very early 2013…

Now that the real estate markets in St. Charles and Geneva, IL have become somewhat stable,  the statistics point to another follow up year with increases in value and shorter market time. Currently our inventory is low (which is partly due to seasonality), we have seen multiple offer situations, and definite price increases. For 2013,  the average home sales price rose 4.8% over 2012 in St. Charles, 4.5% in Geneva, and 5.9% in Batavia.  The number of homes sold in 2012 in St. Charles was 587 and in 2013, 803, which is a 36.8% increase…In Geneva in 2012, the number of homes sold was 354 and in 2013, it was 444, which is a 35.4% increase. In Batavia in 2012, 251 homes sold in comparison to 338 in 2013, which is 34.7% increase.

St. Charles Real Estate 2013

0 to $299,000————- 390

$300 to $600,000——– 333

$601 to $1,000,000—— 68

$1,001.000 + ————– 12

St. Charles Real Estate 2012

0 to $299,000————-  295

$300 to $600,000——– 243

$601 to $1,000,000—— 43

$1,001.000 + ————– 5

Geneva Real Estate 2013

0 to $299,000 ————– 189

$300 to $600,000 ——– 242

601 to $1,000,000 ——– 10

$1,001,000 + ————— 1

Geneva  Real Estate 2012

0 to $299,000 ————– 156

$300 to $600,000 ——– 190

601 to $1,000,000 ——– 8

$1,001,000 + ————— None

The above statistics show that the demand level was much higher in 2013, and I anticipate the level to continue if all economic conditions remain the same. The problem that may present itself in 2014, is more buyers than inventory, which is a pleasant change for the sellers. It will be interesting to see if more homes come on for the Spring market, due to some of the sellers who have their current homes rented, and other sellers are waiting to enjoy the anticipated swing in housing values instead of listing their homes.

In St. Charles in 2013, town home prices went down 2.6% from $203,919 in 2013, to $209,429 in 2012. In 2013, there were 185 compared to 122 in 2012…So, the number of buyers went up, but the average sale price adjusted slightly downward. If town home prices do not increase dramatically and home prices go up 4%, then demand for town homes will increase even more. In Geneva in 2013, town home prices went up 1.2% from $214,547 in 2013, in comparison to $211,964 in 2012. There are 106 sold in 2013 and 80 in 2012–similar trending as St. Charles.

The other interesting change is  the loan limits for FHA which started on January 1, 2014…Last year it was $410,000 and now is $365,700 for all of the state of Illinois, except Rockford. That will be something to watch to see if that change has any relevance to a certain segment of the home market in any way.

Click here for up to the minute interest rates.

This will be a great year to buy or sell in the St. Charles / Fox Valley area!



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