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Winnetka Real Estate Trends

Here’s the data for Winnetka home sales through December 2009. It’s a mixed bag but generally heading in the right direction: sales are up and inventory is down, both good things for sellers. Prices are lower than 2008 but the downward trend we’ve seen over the last couple of years appears to be stabilizing.

Winnetka Home Sales
A total of 19 homes (single family houses, townhouses and condos) sold in December 2009, up 111% over December 2008 and 137% over the prior month. Total 2009 sales of 157 was comparable to 2008 sales of 158. Sales, which had been improving since mid-summer had slowed in November with the anticipated expiration of the new home buyer tax credit. Once that was renewed and expanded, sales picked up again in December.

Prices
The average sales price in December was $1,247,233, down 33% vs. December 2008 but up 23% from last month’s average price of $1,010,438. Although average and median prices bounce around from month to month, the rolling 3 month average indicates that the downward trend in prices has stabilized.

Inventory and Months Supply
Inventory of properties for sale in December was 178, down 13% from December 2008 and down 13% vs. November 2009. Months supply of inventory was 9.4 months. This means that it would take 9.4 months to sell all the houses on the market at the current rate of sale. This is the lowest level since April 2007, which is good news for sellers. Months supply had reached a high of 86 months in April 2009, which was the absolute low point for real estate sales in Winnetka.

Market Time
Days on market for December was 91, down 43% vs. December of last year. What this says is that sellers are now pricing their homes more realistically and buyers are getting off the fence and buying.

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Tags: North Shore market data, North Shore real estate trends, North Shore sales trends, Winnetka

This entry was posted on Friday, January 22nd, 2010 at 8:27 am and is filed under North Shore market data, Winnetka. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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