North Shore Views

Winnetka Real Estate Trends – March

The Winnetka housing market has picked up considerably this spring. Sale are increasing and we are working through the high inventory of homes for sale. Prices have stopped sliding, though they are still below last year and we probably won’t see them increase for a while yet.

Winnetka Home Sales

Home sales were up 7% from February 67% over last March. For the first quarter, sales are running 56% ahead of first quarter 2009 when the market was at its lowest point. Although more houses sold this year than last, a larger percentage of homes sold under $1,000,000 than last year.

Winnetka Home Prices

Prices are trending up over the past few months, but are still below this time last year. The median sales price for March was $1,065,000, which was up 10% over February but down 31% vs. last March. Average sale price was $1,734,553, up 55% from February but down 25% vs. year ago.

Inventory and Months Supply

There were 221 homes for sale in Winnetka as of March, which was up 8% over February and down almost 9% from March of last year. We would expect the inventory of homes for sale to go up in March given seasonality. The more important number is months supply, which is a measure of how long it would take to sell all the homes on the market at the current rate of sale. In March of this year the months supply of homes was 14.7 months. This is higher than we would like to see but down 44% from last March and dramatically better than April of last year when the months supply reached 86 months!

Market Time

The days on market (DOM) chart shows how long the average property is on the market before it sells. An upward trend indicates a buyer’s market, while a downward trend is a move towards a seller’s market. The DOM for March was 143 days, up 22% from February and up 34% from last March.

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

This entry was posted on Thursday, April 22nd, 2010 at 9:20 am and is filed under North Shore market data, Real estate. 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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