North Shore Views
Things are definitely looking up for real estate on the North Shore of Chicago. North Shore home sales were up 72% over last year for the first half of 2010. This increased activity was accompanied by a slight increase (+2%) in the median price of homes sold. Market time decreased slightly (-2%) over last year.
Every one of the nine towns covered in the chart below showed an increase in unit sales, with the big gainers being Kenilworth (+280% off a very small base), Highland Park (+99%) and Wilmette (+85%).
Pricing was more of a mixed bag. Kenilworth, Glenview, Highland Park and Lake Forest showed healthy increases in median price, while Winnetka, Northfield and Glencoe were down.
Market time was also mixed. Wilmette, Lake Forest and Evanston showed improvement, while days on market for Kenilworth Winnetka, Northfield and Glenview continued to increase.
Are we on the road to recovery? I sure hope so. The market seems to be turning the corner, but it will continue to be impacted by unemployment and short sales/foreclosures.
North Shore Market Update – 1st Half 2010 vs. 2009*
*Source- MRED LLC. Deemed reliable but not guaranteed. Single family home data.
If you would like to see more North Shore real estate data, you can go here.