Does the Case-Shiller Index apply to Geneva?

Geneva is a small town that appears to have been sent to charm school and graduated at the top of its class. It has a charming near-downtown area that oozes "leisurely lifestyle" vibes, a thriving arts community, a diverse array of locally-owned, one-of-a-kind shops and boutiques, and enough restaurants to satisfy almost every variety-seeking palate.

It's the kind of place that you'd expect to be somewhat immune from the plummeting price trends reflected in the Case-Shiller Index, which has seen Chicago-area home prices fall nearly 36% from their peak in September of 2006.

A highly random sampling of active listings seems to indicate that Geneva home sellers consider themselves immune from the general trends. Most of the listings I sampled, with the exception of short sales, carry asking prices above their previous selling price. Listings with price reductions appeared to be offering only modest reductions.

Was my sample biased? Too small? Have prices in Geneva fallen less than they have in surrounding areas? Are asking prices accurately reflecting selling prices?

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