St. Charles & Geneva IL Real Estate Trends

The St. Charles IL real estate market for 2013 has started off very strongly, as I predicted in my previous blog entitled, “The Time Is Right.” Thirty eight homes were sold and closed  in St. Charles in the month of January–which is up 31% from last January’s 29 home sales. The number of homes that went under contract in St. Charles really shows the trend that is taking place in the the real estate industry–Sixty one homes  got contracts in January, which is up 96.8% from last January’s 31 contracts.

The Geneva IL real estate market is off to the same strong start as St. Charles with the number of homes sold and closed in Geneva for January at 23, which is a 76.9% increase from last years 13 contracts.  The average sales price also jumped to $315,730 from $282,146–a 11.9% increase. This is a small sampling, so you can’t read too much into it. I do think we are seeing small increases in overall home prices in St. Charles and Geneva.  Homes under contract in Geneva  increased  by 12.5% this month.  Last January there were 24 homes that went under contract compared to 27 this year.

The town home market is still trying to find a bottom.  Activity is still relatively slow in this particular sector and the number of town homes sold in January 2013 was seven.  That is actually down from January’s 2012 number of eight homes sold.  Now the average price did rise from $178,250 to $237,271 which is an increase of 33.1% which means that one or two more expensive town homes closed.  The good news is the number of townhomes in St. Charles currently under contract for January is thirteen–up 30% from last January’s ten.

The Geneva town home market saw a little pick up in their activity. Seven town homes were sold in January, while last year only five sold in January.  This shows that more than three times the amount of houses were bought in comparison to town homes.  I think this is a trend we will continue to see, as housing prices stay relatively stable and interest rates remain low.  The number of town homes under contract for the January 2013 was 8 which is the exact same number as January 2012.

As the year progresses, we will follow the trends and statistics and keep you up-to-date on the economic stability of the housing market.

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