Batavia IL Real Estate Market Insight: August 2013
Key Market Indicators Show Direction Market Is HeadedLast week realtor.com released their National Housing Trend Report for August 2013. As the year’s peak home buying season comes to a close, key market indicators point to a shift in the dynamics of the housing market, suggesting that future home value appreciations may be driven by market demand, rather than inventory shortages.
An analysis of the summer home buying season ending in August shows year-over-year changes now within the single-digits for three key indicators – inventory count, median age and median list price, signaling a leveling of the market not seen for some time.
Nationally, inventory has dipped slightly and prices are increasing. Homes are selling faster with the median age of homes for sale, that’s the amount of time they’re on the market, falling 8% to 92 days.
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However, and this is where it pays to seek out local news and insight, the Fox Valley region is experiencing some more dramatic changes.
Let’s take a look at Batavia IL Real Estate Market Insight: August 2013.
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Compared with National figures, Batavia has seen a slightly lower drop in inventory with the number of homes on the market falling 17.6% from last year. This still provides for much greater demand and if you’re on the fence about selling your home, now’s the time to get it on the market.
We see some more good news in the amount of time it’s taking to sell these homes. Batavia experienced a 30.7% drop in the median age of inventory, far greater than the national average. That means buyers are out there buying up these homes and again, while inventory is low and demand is high, there’s never been a better time to sell your home.
The median list price in Batavia has gone up 2.4% over last year and continues to see a steady rise. The huge news here in Batavia is the 5.4% increase in median sales price. This shows home values recovering from the bubble several years ago. Believe it or not, home values are projected to continue this upward trend.
Again, I can’t stress enough, if you’re on the fence about selling your Batavia home, you won’t find a better time. Supply is low right now, while demand is high and prices are up. The recent rise in interest rates will surely slow down the demand and stabilize prices so get in the market now while the getting's good.
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