Friday, February 22, 2008

Geneva, IL 60134 - Housing Market 2008

A current market analysis by a local appraiser

The city of Geneva is located approximately 35 miles west of the Chicago "Loop" in suburban Kane County. As of the 2000 census, the city had a total population of 19,515. The city has a total area of of 8.6 square miles. It is the county seat of Kane County.

Geneva is bordered by St. Charles to the north, West Chicago to the east, Batavia to the south and unincorporated Kane County to the west. O'Hare International Airport is approximately 25 miles from the Village.

According to data from the Northern Illinois MLS there were 332 sales of single family homes in 2007, down from 389 in 2006. The average sales price was $388,786.00, this was a decrease from $403,137.00 in 2006. Marketing times were an average of 143 days on the market, up over the 2006 average of 96 days.

As of February 22, 2008 there are 262 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 9.47 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -14.65%, average sales prices are down -3.55% and the days on the market were up +48.95%. This market is oversupplied and the 262 active listings have already been on the market an average of 180 days.

The condo/townhouse market had 90 sales, down from the 98 properties that sold in 2006. Sales prices saw a increase with the average 2007 sales price at $260,762.00, compared to $250,698.00 in 2006. Marketing times were an average of 105 days on the market, an increase from the 2006 average of 94 days.

There are 137 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 7.50 sales per month, this is 18.26 months of unsold inventory.

The condo/townhouse market is oversupplied, sales volume was down -8.16%, average sales price increased +4.01%, and the days on the market increased +11.70%. The 137 active MLS listings have already been on the market an average of 138 days.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Geneva, Illinois 60134. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser that knows Kane County contact Citywide 1-800-405-9718

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