Are you wondering if now is the right time to buy or sell a home in Batavia?
Feeling overwhelmed by all the numbers and market trends?
Not sure if you should wait or take the plunge?
I’m Kris from The Kombrink Team at One Source Realty, your go-to REALTOR® team in Batavia, Illinois. Today, I’m breaking down the latest real estate market update for August 2024 so you can make informed decisions.
Let’s jump right into the numbers.
Batavia Market Snapshot: Key Numbers You Need to Know
1.38 Months Supply of Inventory
Here’s the deal: we’re sitting at just 1.38 months of inventory.
Translation?
It’s a strong seller’s market.
With inventory this low, demand is high, and there are fewer homes available for buyers to choose from.
If you’re selling, this is exactly the kind of market you want to be in.
Homes are flying off the shelves.
If you’re buying, though, you’ll need to act fast when you find something you like.
But wait, there’s more.
Over the last year, the Months Supply of Inventory has dropped by 13.75%.
That’s a big deal.
It means there’s even more competition among buyers, pushing up demand.
List to Sold Price at 101.5%
Next up, let’s talk about how close sellers are getting to their asking price.
Right now, the List to Sold Price percentage in Batavia is a solid 101.5%.
This isn’t just good; it’s great.
This means sellers are not only getting their asking price, but they’re also getting a little bit more.
If you’re thinking about selling, this is the time to cash in.
For buyers, this means you might have to come in with a strong offer right out of the gate.
Lowballing isn’t going to cut it in this market.
Homes Selling in 7 Days
The next stat is all about speed.
The median days on market is just 7 days.
That’s right.
Homes in Batavia are selling in a week or less.
Quick sales like this tell us that buyers are serious, and they’re ready to make decisions fast.
For sellers, this means less time on the market, less hassle, and quicker closings.
For buyers, it means you’ve got to be ready to move quickly and maybe even make decisions faster than you’d like.
Median Sold Price at $455,500
Last but not least, let’s talk about the money.
The median sold price in Batavia is $455,500.
This gives us a clear picture of what homes in the area are going for right now.
For sellers, this reflects a strong market where you can expect to get top dollar for your property.
For buyers, this is the price point you’ll need to be prepared for, depending on the type of home you’re looking for.
Why This Market Is Great for Both Buyers and Sellers
So, what does all this mean for you?
Whether you’re buying or selling in Batavia, now is a great time to make a move.
For Sellers:
- Low inventory means less competition and more eyes on your property.
- High list-to-sold price means you’re likely to get your asking price—or more.
- Quick sales mean less time waiting around for your home to sell.
For Buyers:
- Fast sales mean you’ll need to be ready to act quickly when you find a home you love.
- Competitive pricing means you might get a great deal if you’re prepared and act fast.
The bottom line?
The Batavia real estate market is hot, and it’s not showing signs of cooling down anytime soon.
Considering Buying or Selling in Batavia? Here’s What to Do Next
If you’re thinking about buying or selling, don’t wait.
Reach out to The Kombrink Team for personalized advice and guidance.
We’re here to help you navigate the market and make the best decisions for your situation.
Whether you’re a first-time buyer, looking to upgrade, or considering selling, we’ve got you covered.
Let’s chat about how you can take advantage of the current market conditions.
Frequently Asked Questions
What does "Months Supply of Inventory" mean?
Months Supply of Inventory is a real estate term that shows how long it would take to sell all the current homes on the market at the current sales pace, assuming no new homes come on the market. A low number means a seller’s market, and a high number means a buyer’s market.
How is the List to Sold Price percentage calculated?
The List to Sold Price percentage is the final sale price divided by the original listing price. If it’s above 100%, homes are selling for more than their listing price.
Why are homes selling so fast in Batavia?
Homes are selling quickly because of high demand and low inventory. Buyers are eager, and there aren’t enough homes to meet the demand, which leads to faster sales.
Is $455,500 a good median sold price?
Yes, $455,500 is a solid median price that reflects the current value of homes in Batavia. It’s a strong number that shows the market’s health.
Should I wait to buy a home in Batavia?
Waiting might not be the best option in a hot market like this. Prices could rise, and competition might get stiffer. If you’re ready to buy, now might be the time to act.
How can I get the best deal when buying a home in this market?
To get the best deal, work with an experienced REALTOR® who knows the Batavia market well. Be ready to act quickly, and make sure your financing is in order before you start shopping.
Conclusion
The Batavia real estate market is full of opportunities, whether you’re buying or selling.
The numbers show a strong seller’s market, with homes selling quickly and for top dollar.
But that doesn’t mean buyers are out of luck.
With the right approach and a good team behind you, you can navigate this market and find the right home at the right price.
Remember, we’re here to help.
If you’re thinking about making a move, reach out to The Kombrink Team.
Let’s make it happen.