Batavia homes for sale experienced a wild year!
As we wrap up 2012, it’s helpful for us to understand where the market for single-family Batavia homes for sale moved last year. As your Tri-Cities Realtor it’s my pleasure to provide this is quick snapshot of home sales data through December 31, 2012.
First, the number of Batavia homes for sale decreased versus prior years. That said, the number of closed transactions increased significantly, from 232 in 2010 to 273 in 2011 and 292 in 2012. This growth was fueled by a slight strengthening of the economy, continued low interest rates and sales prices that have fallen nearly 35% from their peak in 2006.
The number of homes for sale in Batavia that were sold “traditionally” in 2012 represented 73% of closed sales. Traditional sales are made by sellers who can pay back their loan after receiving the proceeds of the sale. These are “healthy” transactions.
“Short” sales are sales where the proceeds of the sale don’t allow the seller to fully pay off the mortgage loan and the seller comes up “short”. Banks have to agree to accept less than full repayment to complete a short sale. The number of short sales increased in nearly every Fox Valley community in 2012. Batavia, however, was the exception. The percentage of short sales in Batavia was 12% of total sales in 2012, a decrease from 14% in 2011.
The number of foreclosures decreased by 2% from 17% in 2011 to 15% of sales in 2012.
Average Price Trends
The percentage that sellers received off of their original listing price inched upwards from 87% to 89%, however the mean average prices in Batavia in 2012 actually decreased. Mean sales price decreased from $275K in 2010 to $263K in 2011 and to $251K in 2012.
Inventories are currently at very low levels as homeowners who don’t have to sell aren’t doing so. This decrease in the supply of Batavia homes for sale should eventually cause the prices locally to stabilize. This is particularly true as buyer demand continues to accelerate.
If you have questions about this data or would like other market information, "Call Me Maybe" at 630-254-5004 or contact me through www.scottnowling.com.
This representation is based in whole or in part on data supplied by Midwest Real Estate Data LLC for the period January 2010 through December 2012. Midwest Real Estate Data LLC does not guarantee nor is it in any was responsible for its accuracy. Data maintained by Midwest Real Estate Data LLC may not reflect all real estate activity in the market.