How is the Geneva, IL real estate market doing?

When it comes to understanding the Geneva, Illinois real estate market, it's essential for both buyers and sellers to be aware of key metrics that can help guide their decisions. Today, we'll be exploring the correlation between a few important real estate metrics that can provide valuable insights.

Let's start with the "Months Supply of Inventory," which currently stands at 1.26. This metric represents the number of months it would take to sell all the available homes for sale in Geneva, IL if no new listings were added. A lower number indicates a seller's market, where demand exceeds supply, and homes tend to sell quickly.

Now, let's consider the "12-Month Change in Months of Inventory," which depicts a decline of -3.08%. This figure highlights the percentage change in the supply of homes compared to the previous year. In this case, the negative value indicates that the inventory has decreased over the past year, suggesting a potentially tighter market.

Moving on to the "Median Days Homes are On the Market," this metric currently sits at 12 days. It signifies the average number of days it takes homes for sale in Geneva, IL to sell from the day they are listed. A lower value indicates a faster-moving market, where properties tend to attract buyers quickly.

Next, we have the "List to Sold Price Percentage," which stands at an impressive 99.9%. This metric measures the percentage of the original listing price that a home ultimately sells for. A higher percentage suggests that homes are selling very close to their initial asking prices, indicating strong demand and potentially some competition among buyers.

Lastly, we have the "Median Sold Price," which currently stands at $415,000 for single-family homes in Geneva, Illinois. This figure represents the middle point of all the sold home prices in the market. It provides a snapshot of the overall pricing trend and can be used as a reference point when evaluating the value of a property.

So, how do these metrics correlate? Based on the data provided, we can infer that there is a high demand for homes in this market. The low "Months Supply of Inventory" and the decreasing "12-Month Change in Months of Inventory" suggest a limited supply of homes, potentially leading to a more competitive market.

Furthermore, the short "Median Days Homes are On the Market" indicates that properties are selling quickly, reinforcing the notion of high demand. The "List to Sold Price Percentage" being close to 100% demonstrates that buyers are willing to pay close to the asking price, possibly due to the fierce competition.

Lastly, the "Median Sold Price" of $415,000 provides an idea of the overall pricing trend in this market. It's important for both buyers and sellers to consider this figure when determining their negotiation strategies or setting a listing price.

In conclusion, these Geneva, Illinois real estate metrics collectively suggest a market with limited inventory, high demand, and properties selling quickly at or near their asking prices. Buyers should be prepared to act swiftly, while sellers may find this market favorable for achieving their desired selling price. Keep in mind that market conditions can change, and it's always advisable to consult with a Geneva, IL Realtor for the most accurate and up-to-date information.