North Shore Views
Sales of single family homes on the North Shore were flat for the first nine months vs. year ago. Actually three fewer houses sold this year which rounds to flat. That doesn’t sound very promising but, considering that sales were down 11% through the end of June, this is more positive than it appears. Remember that in first half of 2010 we had the effect of the home buyer tax credit, which we did not have in 2011. Sales for the July -September quarter were up 19%, bringing us to even for the first three quarters.
The communities driving most of the sales growth this year are Glencoe (+40%), Winnetka (+10%) and Kenilworth (+28%). Glencoe’s strong growth this year followed last’s year’s anemic performance, where it only grew 3% through September of 2010.
The median home price for the North Shore declined 2% for the first three quarters, which isn’t too bad when you compare it to other markets that are still falling more dramatically.
Market time continues to decline across the board indicating that sellers have gotten more realistic in their pricing and buyers are getting off the fence.
North Shore Real Estate Report: January – September 2011
Wondering what your neighbor’s house sold for? Just email me with the address of the property and I’d be happy to send you that information (caveat: I can only access the information if the transaction has closed. Until then the information is confidential).