Your Ultimate Guide to Real Estate on Chicago's North Shore

New Trier’s Running Out of Homes – Will Prices Rise?

The inventory of single family homes for sale in New Trier Township (Wilmette, Winnetka, Kenilworth, Northfield and Glencoe) is at a seven year low. Good houses that are priced right are hot commodities right now, and we’re seeing more multiple offers than we’ve seen in years. Sales year to date are up 13%, time on market is down to 3.6 months and months supply of inventory is down to 5.5, the lowest level in four years.

New Trier Housing Inventory May 2012Although all of these measures point to a strengthening of the housing market, the one lagging indicator is prices. The average selling price for 2012 year to date is down 11% from last year. How is it that all other signs seem so positive but prices are still down? It’s because we are at an inflection point, where the price slide has finally stopped, but has not yet turned the corner. In the next few months we can expect to see upward pressure on prices driven by high demand and low inventories.

Does that mean we’ll be back to the double-digit price increases we got used to during the boom? Don’t hold your breath. What we can expect is a return to the modest year over year increases that were typical in the decades before the boom.

Now more than ever the key to getting maximum price for your home requires the expertise of a professional agent who knows how to work through multiple offers and negotiate the best deal for you. We are North Shore real estate specialists and one of the top teams in the Wilmette, Winnetka and Glencoe area. If you would like to schedule a seller consultation with the Come Home North Shore team, please contact us at 847-881-6657 or send us a note here.

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