North Shore Views
Although home sales have been gaining strength since the beginning of 2012, North Shore home prices have been slower to recover. Prices were still declining at double digit rates early in the year, hitting bottom around February. Now we finally have evidence of a sustained improvement in home prices. This chart shows the change in median price by month compared to the same month last year.
What we see is that North Shore home prices were down over 20% in January and February vs. the first two months of 2011. In March they fell less than that (15%) and in April even less (12%). In May prices were even with last year. June and July saw slight declines.
But then in the third quarter prices began to climb into positive territory, with each successive month showing stronger trends: +5% in August, +9% in September and +11% in October.
This is certainly cause for optimism and economists are projecting that home prices will increase 2.5-3.5% in 2013. But we are not projected to see prices get to 2006 levels until around 2021 (according to Barclay) or 2023 (according to Fiserv).
If you would like help determining the value of your home in the current market, Come Home North Shore can provide you with a competitive market analysis as well as a marketing strategy for your home. Just give us a call at 847-881-6657 or send us a note.