Hey there, everyone! It’s Matt Kombrink, your friendly neighborhood REALTOR®, bringing you the latest insights into the Batavia, Illinois, real estate market. Whether you're considering buying or selling, understanding the local trends is key to making informed decisions. Let’s dive into the numbers for February 2025!
1.2 Months Supply of Inventory – A 25% Increase
Currently, Batavia has a 1.2 Months Supply of Inventory, marking a 25% increase compared to the last 12 months. What does this mean? Simply put, there are more homes available for buyers, giving them slightly more choices in the market. However, inventory remains relatively low, which still favors sellers overall.
Homes Are Selling Close to List Price
One of the most important indicators of a strong market is the Sold to List Price percentage, which is holding steady at 101%. This means that homes in Batavia are selling for, on average, 1% above their listing price. This suggests continued strong demand and competitive offers from buyers.
Median Days on Market: 24 Days
The median days on market for Batavia homes currently stands at 24 days. This is a clear sign that properties are moving quickly once they hit the market. If you’re a seller, this means pricing your home correctly and preparing it well could lead to a fast sale. Buyers, on the other hand, should be prepared to act decisively when they find the right home.
Median Sold Price: $491,000
The median sold price in Batavia is $491,000, giving us a solid idea of the average home price in the area. This reflects both the demand for homes and the value of properties within the community. If you’re considering purchasing a home in Batavia, this price point can help you set realistic expectations.
What This Means for Buyers and Sellers
- For Buyers: While inventory has increased, the market is still competitive. Be prepared to move quickly when you find a home you love, and consider working with a knowledgeable REALTOR® to help navigate the process.
- For Sellers: With homes selling close to list price and within a short time frame, it’s still a great time to sell. Pricing your home right and marketing it effectively will help ensure a successful sale.
Final Thoughts
So there you have it, folks! That’s your February 2025 market update for Batavia, Illinois. Whether you’re thinking about buying, selling, or simply keeping an eye on the market, this data provides valuable insights to guide your decisions.
If you have any questions or need assistance with your real estate journey, feel free to reach out. I’m here to help you navigate the market with confidence. Thanks for tuning in, and until next time—happy house hunting!
Frequently Asked Questions (FAQ)
1. What does "Months Supply of Inventory" mean?
It refers to the number of months it would take for the current inventory of homes to sell given the current sales pace. A low supply indicates a seller’s market, while a high supply favors buyers.
2. Why is the Sold to List Price percentage important?
This metric shows how close homes are selling to their original asking price. A percentage over 100% indicates strong demand, often leading to bidding wars.
3. What does "Median Days on Market" tell us?
It represents how quickly homes are selling. A lower median days on market means homes are selling faster, indicating a competitive market.
4. Is now a good time to buy a home in Batavia?
With increasing inventory but still strong demand, buyers have more choices but should act quickly on desirable properties.
5. How can I get the best price when selling my home?
Working with an experienced REALTOR®, setting a competitive price, and properly staging your home can help maximize your sale price and reduce time on the market.
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