Real estate activity in the Kane County (IL) market can be summarized by marginal real estate value depreciation with dramatic increases in listing inventory and days on the market. The impact for owners and Realtors in 2009 is a need to sell alot of homes at appropriate prices to rid ourselves of the logjam.
I have compiled statistics over the last two years for single family homes in Kane Couny, Geneva, St. Charles, And Batavia to illustrate the current fabric of our local real estate market. You will see that the price of homes sold in the larger communities have remained flat or have decreased slightly. Overall Kane County has seen a drop in values by close to 10%.
The major hurdle in these communities is the amount of homes currently for sale and the average market time to sell these homes. In most cases, there is a years worth of inventory currently on the market. This means that if no new houses came up for sale, it would take a year to bring the housing inventory to zero. This is a major challenge we will face in 2009.
The major statistics to review in the following charts are the Appreciation/Depreciation percentages, the changes in market time, and the active listings statistics.
Kane County, IL 2008 | |||
Current Total Active Listings: | 3769 | ||
Average Market Time: | 246 | ||
Average List Price: | $ 354,194 | ||
Last 6 Months | Last 12 Months | Prior 12 Months | |
Number Sold | 1617 | 3182 | 4263 |
Average Market Time | 167 | 168 | 132 |
Average List Price | $ 285,777 | $ 290,740 | $ 311,289 |
Average Sales Price | $ 270,024 | $ 275,624 | $ 299,700 |
List vs. Sales Price Ratio | 94% | 95% | 96% |
Overall Appreciation/Depreciation | -2% | -8% | |
- There are 3,769 active listings in Kane County which is more than the number of properties sold in 2008.
- The average market time of all active listings is 246 days which is 79 days higher than the market time of properties sold in the last 6 months. This tells me that the houses priced well sold and the overpriced houses remain on the market.
- If you look at the average price of the active listings, you see that they are close to $70,000 over the average list price of houses sold in the last 6 months.
Consider the St. Charles real estate market statistics.
St. Charles, IL 2008 | |||
Current Total Active Listings: | 522 | ||
Average Market Time: | 287 | ||
Average List Price: | $ 629,155 | ||
Last 6 Months | Last 12 Months | Prior 12 Months | |
Number Sold | 217 | 441 | 578 |
Average Market Time | 189 | 189 | 167 |
Average List Price | $ 505,460 | $ 497,323 | $ 490,730 |
Average Sales Price | $ 471,235 | $ 467,824 | $ 469,031 |
List vs. Sales Price Ratio | 93% | 94% | 96% |
Overall Appreciation/Depreciation | 1% | 0% | |
- Home values have remained flat over the last year.
- There is more than a one year inventory of houses currently on the market.
- The market time of active listings is 100 days (on average) than those properties which have sold. he overpriced listings remain on the market, and the will remain on the market until their prices fall in line with true market values.
- The average list price of active listings is dramatically higher than those that have sold which means the higher priced houses remain on th emarket.
Now let us look at Geneva, IL.
Geneva, IL 2008 | |||
Current Total Active Listings: | 232 | ||
Average Market Time: | 235 | ||
Average List Price: | $ 494,462 | ||
Last 6 Months | Last 12 Months | Prior 12 Months | |
Number Sold | 141 | 261 | 333 |
Average Market Time | 155 | 159 | 144 |
Average List Price | $ 410,669 | $ 404,280 | $ 404,260 |
Average Sales Price | $ 389,571 | $ 382,771 | $ 389,255 |
List vs. Sales Price Ratio | 95% | 95% | 96% |
Overall Appreciation/Depreciation | 2% | -2% | |
- There is slightly less than one year of housing inventory currently on the market.
- Market values have remained flat over the last year.
- The higher priced homes and those that are over priced remain on the market.
Batavia, IL has sufered the most in market values.
Batavia, IL 2008 | |||
Current Total Active Listings: | 173 | ||
Average Market Time: | 264 | ||
Average List Price: | $ 406,236 | ||
Last 6 Months | Last 12 Months | Prior 12 Months | |
Number Sold | 78 | 185 | 255 |
Average Market Time | 156 | 166 | 141 |
Average List Price | $ 330,557 | $ 346,619 | $ 370,416 |
Average Sales Price | $ 313,446 | $ 329,854 | $ 355,233 |
List vs. Sales Price Ratio | 95% | 95% | 96% |
Overall Appreciation/Depreciation | -5% | -7% | |
- Market values have decreased almost 12% in the last year.
- Market times for homes sold have dropped in the last 6 months, but the active listings have very high market times.
- Active listing prices remain high for this market.
Based upon these statistics, the Kane County/Greater Fox Valley Real Estate Market has fared better than some markets. Our challenges in 2009 will be getting rid of our existing inventory of homes and selling new homes entering the market.
The common mantra is: if you want to SELL your house, you need to price it right.
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