Market Conditions - July 31, 2006 by Carla L. Davis
Gaining momentum in the 2nd quarter this year, Geneva, Illinois, has seen a significant increase in prices this year. Geneva is a suburb of Chicago, that is known for its historic downtown and charming neighborhoods. Experts are reporting that the market, while growing, is neutral at this time. It is neither a buyers market nor a sellers market, but rather a level playing field. They note, "Prices are trending upward at a modest pace and average market times are also creeping down." Homes are seeing a strong 9 percent appreciation rate and an average sales price of $364,197. A typical home attains 96 to 100 percent of the listing price upon sale -- in anywhere from 1 to 4 months depending on the market. Helping to spur on the local market -- new commercial developments (retail and otherwise) are taking shape -- bringing renewed focus to the area. The city also has commuter trains available that can easily take residents to the center of Chicago. Chicago itself has seen steady rates of appreciation this quarter. New condos are selling in the $275,000 range, with appreciation rates at a healthy 3 to 8 percent depending on the neighborhoods. Up and coming neighborhoods can expect as much as 20 percent appreciation rates at this time. One expert reports to Realty Times, however, "It was a seller's market where sellers were getting top dollar for their homes, sometimes more than the house was even worth. Now with the interest rates increasing, sellers are now waiting longer for offers and we are seeing a lot of price reductions. This is good news for buyers, as they are getting better deals. They have more power in the negotiating." | 
