North Shore Views

Wilmette Real Estate Trends – March

Hallelujah! Things are looking up for the Wilmette real estate market and the news is positive across all the key measures.

Wilmette Home Sales

Sales of Wilmette’s single family homes (including houses, condos and town homes) were up significantly in March, both vs. February (+65%) and vs. March of last year (+87%). Okay, so last March the market was dead. But still, this is very positive news. Most of the action continues to be below $900,000, but we are seeing more sales in higher price points. 31% of the sales were above $900,000 this year vs. 20% last year.

Wilmette Home Prices

Here’s something we haven’t seen in a while. Median and average home prices in Wilmette were UP, both vs. last month and last year. The median sales price in March was $655,000, up almost 30% from $505,000 in March 2009 and up 7.4% vs. February. The average sales price in March was $869,313, up 31% over March 2009 and up 36% from February.

Inventory and Months Supply

The inventory of Wilmette homes for sale as of March was 275, up 7.8% from February, consistent with market seasonality.  However, it’s down 9.5% vs. last March. More indicative of the market’s improving health is the decline of the months supply of homes on the market. As of March the months supply was 9.8 months, meaning that, at the current rate of sale, it would take 9.8 months for all of the houses listed to sell. Although 9.8 months is still considered a buyer’s market, this is a significant improvement over March of last year when the months supply was twice as high, at 20 months.

Market Time

Although market time of 114 days increased 39% from February, it decreased 30.5% from 165 days in March 2009. The fact that homes are selling faster is consistent with the increase we’re seeing in unit sales and the decrease in months supply of homes on the market.

If you have any questions about this data, or would like more details about the Wilmette market, please email me or give me a call at 847-687-5957.

Tags: North Shore market data, North Shore real estate trends, North Shore sales trends, Wilmette neighborhoods

This entry was posted on Sunday, April 11th, 2010 at 7:02 pm and is filed under North Shore market data, Wilmette. 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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