Mill Creek Homes For Sale: An October 2012 Mill Creek Update

Mill Creek is a planned community in Geneva with a mixture of both single and multi-family homes.  This is an analysis of Mill Creek homes for sale and the mix of residential sale types.  The sale information examines three successive years, November 2009-October 2010, November 2010-October 2011 and November 2011-October 2012.  The analysis focuses solely on single family sales data.

The short story for homes for sale in Mill Creek:  the number of houses for sale now is relatively stable and consistent with inventory levels over the past three years, the number of sales have increased markedly over the past twelve months, and home values have rebounded in price over the past year off the 2011 low.

New Listings 

The number of homes listed for sale in Mill Creek has rebounded to 2010 levels in the most recent rolling 12 months.  This is clearly in response to the law of supply and demand kicking in: as prices have notched up slightly, so too has the number of  sellers offering their homes for sale.   (Please see the slides nearby for data)

Homes Sold

The number of closed sales in Mill Creek accelerated dramatically over the past twelve months, 30% above 2010 levels and 40% above 2011.  Traditional sales dominate and, distressed sales (short sales or foreclosures) have increased slightly year over year. The impact of short sales and foreclosures cannot be diminished, however, because they impact not only competitive values but the ability of people to move “up” into more expensive communities like Mill Creek. 

Months Supply 

Months supply is a measure of the ratio of homes for sale in Mill Creek during the period divided by the number of sales during the period.  In short, it’s one measure of the strength of the market.  Because the number of homes for sale in Mill Creek remained flat while sales increased briskly, the “months supply” declined.  This signals movement toward a strengthening market and one favoring sellers. 

Average Sale price

Mill Creek homes for sale have declined in value approximately 15% over the past five years.  However, that decrease would have been larger except homes for sale in Mill Creek actually increased in value 4.3% over the past 12 months.  Prices peaked in 2009 at $443K on average.

For further information on Mill Creek or other neighborhoods in the area, contact Scott Nowling thru 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 2008 through October 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.