The Active Rain Realtor Nationwide Survey about Illinois

Homes in Geneva, IL and Homes in St. Charles, IL  are showing sales activity consistent with industry analyst predictions: fewer transactions at lower prices. Careful analysis of the numbers, as well as anecdotal evidence from field sales, shows additional trends that are not revealed here and will bear watching.

In traditionally stable Geneva, IL the annualized sales rate for 2010 shows that 216 single family homes will be sold in 2010, compared to 259 in 2010. As of May 23, there have been an additional 14 closes in May and there are 73 homes under contract. The average homes sales price has dropped from $353,391 to $320,744.

Home in St. Charles, IL, in the 60175 zip code (west of Fox River) shows similar results to Homes in Geneva, IL. With 50 closes in 60175 through April 30, the annualized sales rate will be 120 for 2010, compared to 185 for 2009. Year-to-date average sales price for 2010 is $466,488 compared to $490,498. 

The  middle/upper middle priced subdivisions in St. Charles, IL and Geneva, IL such as Mill Creek and Fox Mill are seeing lots of showing activity and we still expect a pretty good summer sales season. The home buyers in the $400,000 - $700,000 price ranges in these communities were largely unaffected by the tax credits offers, as these buyers are more driven by the school year and job relocation cycle than a $6,500 tax credit could affect.

Many middle and  upper end buyers were happy sit out the supposed lower-end feeding frenzy driven by the tax credits...in fact some of my buyers purposely waited in the expectation that prices will continue to drop throughout the year and that some sellers will become "more motivated" as the summer selling season winds along. I agree with this analysis, and am watching carefully for the great deals to start emerging. Some listing agents, including me, are pushing their sellers to lower prices now to capture the buyers who really feel they have the "pick of the litter" at their fingertips.

Our office has about 250 listings including Homes in St. Charles, IL and Homes in Geneva, IL and we are seeing about 350 showings a week. Somewhat surprisingly, sales activity only slightly dropped off in the first two weeks of May and we expect a full order board by the end of month.

In future posts I will make additional comments on other communities. In the meantime, if you would like more information on Homes in St. Charles, IL and Homes in Geneva, IL please go to My Website or email me at leslie.ebersole@bairdwarner.com.

Sales Through April 30, 2010. Data from MLSNI courtesy of Leslie Ebesole, Baird&Warner Real Estate