North Shore Views

North Shore Market Update – May 2010

The North Shore housing market continues to improve, with May showing positive trends across three key measures: home sales, prices and market time. For the nine markets included in our North Shore total, single family detached home sales were up 42% in May over a year ago. And for the first time in many months, prices also increased, by 14% over last year. Market time decreased 4%, indicating that we are successfully working through the large inventory of homes that have been languishing on the market. The days on market number is still high at 196 days, but it’s looking a whole lot better than it has in some time.

In terms of homes sold, the big winner this month was Glencoe, which increases 333% over last May. Winnetka and Wilmette also had big increases of 150% and 125%, respectively. The only market that did not increase this month was Lake Forest.

Glencoe’s median price increased 77% over last May, driven by the fact that its only three sales in May 2009 were at a very low price point ($435,000), whereas this year the median price of the thirteen homes sold was $770,000. Glenview also had a big jump, from $368,750 last year, to $635,000 this year. Evanston had a modest increase of 9%. The other towns had odest declines.

Several markets showed decreases in time on market of homes sold: Glencoe, Northfield, Wilmette, Evanston, Highland Park and Lake Forest. Winnetka had a big increase in time on market of properties sold. This indicates that homes that had been overpriced finally came down to a realistic level and were able to sell.

North Shore Market Update – May 2010 vs. May 2009 (Source: MRED- Deemed reliable but not guaranteed)

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

This entry was posted on Thursday, June 3rd, 2010 at 7:23 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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