St. Charles & Geneva IL Real Estate Trends

The month of February really points to the fact that the St. Charles IL real estate market has, hopefully, reached the bottom level of pricing…Last year in February, 18 homes closed in St. Charles while this year 39 houses closed which is an increase of 116.7%.  This is a great development for the local economy and for the first two months of 2013, 77  homes have been sold in St. Charles which is up from 47 homes sold for the same period in 2012.  This translates into a 63.8% increase in sales.  These jumps in homes sold have created inventory shortages, multiple offer situations, and in some cases,  price increases.  The average sale price is hovering around $293,000 which is very similar to last year’s sale price of $294,000.  I would say prices are increasing slightly, but average sales price were weighed down by the 10 homes that closed for under $175,000.

The early data for March and April looks very promising too. For the month of February, the number of homes under contract in St. Charles is a whooping 76 which is a 61.7% increase from last year’s 47.

The Geneva IL real estate market is very strong also. A bottom has been reached and prices are starting to rise. There were 22 homes sold in Geneva in Feb 2013, which is a 10% increase from last February.  That statistic brings the number of homes sold in Geneva for the first two months of 2013 to 4, which is an increase of 36.4% from last year’s 33 homes sold.

Twelve of  the homes that closed were in the Mill Creek subdivision and three of them were brand new construction and the other nine were resale homes.  I think today’s buyer is looking for newer homes or homes that have been updated to today’s styles and finishes which is why Mill Creek is selling so well currently.  There has not been much new construction since 2007 due to the poor economical conditions and location is also always an important factor.  The average sale price this month in Geneva was a strong $302,627, which is a 1.9% increase from last February’s $296,913.  Similar to the St. Charles real estate market, the Geneva market is also seeing inventory shortages, multiple offer situations, and  increased activity with an uptick on prices.  The future months look strong as well, as there are currently 41 homes under contract, which is the  same as last year’s positive number.

I have said for multiple months now that single family homes are selling a lot better than town homes. February was no different with four attached  properties sold  in St. Charles in February, compared to five being sold last year.  The number of town homes currently under contract in St. Charles is down from 19 to 14 which is a 26.3% decline from February of 2012.  Town homes are actually selling better in Geneva.  In February, seven attached homes sold compared to four last year with the average sales price tipping in at $163,428.  There were two  foreclosures and a normal sale that all sold under $100,000.  So it seems that if town homes are priced well, there is a growing demand for them.  The trend is continuing to pick up speed, because there are already currently nine town homes under contract in Geneva at this time.

Mortgage rates have inched up slightly this week, which will continue to fuel the buying frenzy in the St. Charles and Geneva market place. Lack of new inventory, properly priced homes, and the need to buy to be in for the start of summer programs for children, are all combining to make this a banner year for real estate in the Fox Valley!

St. Charles home for sale

Home Sold in Geneva

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