North Shore Views
Here’s a look at the three year real estate trends for New Trier Township. The data is single family homes in Winnetka, Wilmette, Kenilworth, Glencoe and Northfield. It does not include the small part of Glenview that is in New Trier.
While fewer homes sold in December 2011 than December 2010 or 2009, total year home sales of 680 were 5% ahead of 2010 and 32% ahead of 2009.
When it comes to sales price, December’s average price was at its lowest level in two years, down 21% vs. 2010 and down 21% vs. 2009. Year to date the average sales price for New Trier was down 3% while the median price was down 1% from 2010.
Inventories of homes for sale have been declining over the last couple of years, ending 2011 at 350. This was 21% fewer homes than were on the market at the end of 2010 and 27% fewer than at the end of 2009. This equates to an 8 month supply of homes in December, which is an improvement over both 2009 and 2010. (Months supply means how many months it would take to sell all the homes currently on the market, at the current rate of sale). In early 2009 the months supply of inventory reached as high as 32 months. The current 8 months supply is very close to a balanced market (6-7 months), which means neither a seller’s nor a buyer’s market.
The implications of these trends: people are buying houses again, driven by affordability and low interest rates. As a result, inventories of active listings are down, and in some price ranges there isn’t much for buyers to choose from at all. This will change as more homes come on the market in the spring, so if you are planning to sell, now is an ideal time to list your home, before you have much competition. But don’t expect prices to rebound to 2007 levels. It’s going to be a long slow climb out of the trench.
Want to know what your home is worth in today’s market? Give us a call at 847-881-6657 and we’d be glad to provide you with a complimentary, no obligation, home value analysis. Or you can get a free, quick, over-the-net evaluation.