Geneva Real Estate Market Trends
The Geneva real estate market is constantly changing. Many factors influence it including the national and local economy, world events,
buyer perception and a host of other variables. Keeping track of local market conditions is important for several reasons:
Your home is your primary asset and real estate has historically appreciated over time. Understanding how much your home is
appreciating is useful in determining your equity position. If you are planning a move sometime in the near future, understanding
seasonal and long-term market fluctuations will allow you to better plan your move and know what to expect while your home
is on the market. Market condition reports are run monthly and contain information on the previous month's sales data. If you have
any questions or would like a custom market report, please contact me.
December Market Conditions
Detached Style Single-Family Homes
The median price of homes on the market in Geneva fell in the month of December, from $394,500 in November to $389,900 in
December. Some of this is likely due to prices falling during the winter months, combined with the market downturn. Conversely, the
average price of homes sold during the same period rose significantly - going from $344,500 to $407,500 in December. The number of homes
on the market also dropped during the month of December, from 267 units to 221. During that time, the number of homes sold edged up from 21 to
25. Despite these strengthening trends, inventory remains at a 2-year high of 11 months and average days on market is the second-highest in the past
two years at 105 days.
Access these detailed reports here:
December Median Sales
December Supply and Demand
December Inventory
Attached Style Single-Family Homes
Unlike detached homes, attached homes in Geneva saw a large increse in the median price of new homes on the market - going from $249,450
in November to $275,262 in December. Also, the average sales price of attached homes in Geneva fell in December from $245,000 to $214,000. The
combination of these two factors show a worsening trend in attached style homes in Geneva over the past two months.During the same time, the
number of units on the market dropped slightly from 72 to 68, but the number of homes sold also dropped significantly - from 7 to 4.
Overall, the inventory of homes in Geneva went down in December - from a two-year high of 19.3 months in November to 11.2 months. Average days
on market remained fairly steady during the same time period - going from 71 to 72 days.
Access these detailed reports here:
December Median Sales
December Supply and Demand
December Inventory
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