Local housing market improving

Published: Saturday, Jan. 25, 2014 5:30 a.m. CDT

The Tri-Cities housing market continues to improve, according to new data released by the Mainstreet Organization of Realtors.

In Geneva, 23 detached single-family homes were sold traditionally in December, up from 20 sold during that time in 2012, according to the data.

Traditional home sales mean homes were not real estate-owned or short sales.

Traditional median home sale prices decreased slightly from 2012 to 2013 in Geneva, dropping from $355,451 to $350,000.

The number of detached single-family homes sold traditionally in St. Charles increased to 48 in December, up from 31 sold in December 2012. In addition, median home sale prices of those types of homes increased to $328,000 in December, up from $260,000 in December 2012.

Traditional sales of detached single-family homes in Batavia dipped slightly to 11 in December, down from 14 in December 2012.

But median home prices for detached single-family homes in Batavia increased by 8 percent from December 2012 to December 2013, going from $303,000 to $329,750.

At the same time, there have been fewer short sales than in the past.

For example, the number of short sales of detached single-family homes dropped by 17 percent in Batavia in December compared to the previous year.

Nancy Thunberg, managing broker at Coldwell Baker in St. Charles, is pleased with the data results.

“We are looking at a more normal market,” Thunberg said. “We have had such a depressed market in the past few years. There’s a lot of pent-up demand.”

Thunberg said she is optimistic the trend will continue. She noted that between the third quarter of 2012 and the third quarter of 2013, the net equity for residential real estate across the nation rose by 2.2 trillion.

“People are getting equity in their homes again, instead of being under water,” Thunberg said.

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Jan Schlictmann at a Geneva law firm.

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