2018 YEAR END SALES NUMBERS:
1. The number of homes sold in Geneva, St. Charles, and Batavia were all down in 2018 compared to 2017. The biggest drop was in Geneva---in 2017, 507 homes sold and in 2018, only 434 homes sold. Which translates to a 14.4% DECLINE IN HOMES SOLD...St. Charles and Batavia both saw a 8% decline in sales in 2018 as well.
2. Despite the lower number of homes sold, prices remained slightly up or unchanged in most towns in Kane County. Larger homes with higher taxes are still seeing the worst of the price declines. The one exception is homes in-town Geneva with the ability to walk to town, shopping, and the train.
3. Median sale prices for 2018:
Batavia IL Real Estate- $306,000 up 1.3%
Elburn IL Real Estate - $303,500 up 2.9%
Geneva IL Real Estate- $356,500 down .07%
St. Charles IL Real Estate $352,750 up 3.2%
4. Houses that have been well maintained or that have been updated under $400,000 is what is selling the best and in the shortest amount of time.
5. The number of town homes sold in Geneva and Batavia were way down. The reason for the drop is that inventory levels for town homes under $250,000 remains low. Prices were up between 4-6% in Geneva, St. Charles, and Batavia. I don't see any data that would suggest that demand will not stay strong for affordable town houses in 2019.
6. Median Sales Price for town homes 2018:
Batavia IL Real Estate- $206,500 up 4.5%
Elburn IL Real Estate- $172,500 up 6.2%
Geneva IL Real Estate- $250,000 up 6.4%
St. Charles IL Real Estate- $233,500 up 6.4%
We feel it is still too early to make an accurate forecast regarding the 2019 market. We are seeing activity now that is very similar to January 2018. We will wait to see how February goes before advising our clients on the correct strategy.