North Shore Views
Glencoe’s data is fairly consistent with the other North Shore communities. Sales are up and so is market time. The good news is that prices appear to be stabilizing and inventory is shrinking, meaning that the worst is probably over and the recovery is taking hold. The wild card is the tax credit and what will happen once it expires. Stay tuned.
Glencoe Home Sales
December sales of Glencoe homes (including single family houses, townhomes and condos) rose 37% from November and 37% from year ago. Sales had been rising through the second half of 2009, but dropped off in November in anticipation of the expiration of the new home buyer tax credit. Once that was reinstated (and expanded), sales picked up again in December.
Glencoe prices, which had been trending downward since early 2008, appear to be stabilizing. December’s average sales price was $1,337,882, up 78% over November and up 15% vs. December 2008.
Inventory and Months Supply
Inventory has been consistently declining since May, with December inventory of 108 homes down 3% vs. November and down 12% vs. December 2008. Months supply, which is a measure of how long it would take to sell all the inventory at the current rate of sale, was 9.8 months. This is a decrease over November’s months supply of 13.8 months. The improving trend since May 2009 is good news for sellers, since prices and market time are affected by the supply of homes on the market.
Time on Market
Market time, which has been on an upward trend since the beginning of 2008, continues to climb. December market time for houses sold was 162 days, up 7% from November and up 34% vs. December 2008.