North Shore Views
November home sales increased 32% on Chicago’s North Shore vs. year ago. The largest growth was in two of the communities with the lowest median home prices: Evanston (+100%) and Glenview (+61%). These two communities represented 50% of all single family home sales on the North Shore in the month of November.
North Shore Real Estate Update – November 2012
A Lack of Inventory in the “Sweet Spot”
Wilmette and Winnetka home sales actually declined in November, more due to lack of inventory of homes for sale than to lack of demand. Wilmette only has 4.3 months supply vs. the 6 months there would be in a “normal” market. As a result, well-priced homes in good condition are selling quickly, with market time down to under two months.
Winnetka has 8.6 months of supply overall , but closer inspection of the numbers reveals that there are only 4.6 months of inventory under $2,000,000, while there is over 40 months supply of homes over $2,000,000 (given the the current rate of sale). Only one of the 45 homes listed over $2,000,000 has sold in the last three months.
A Dearth of Buyers in the Upper Brackets
Although sales were up 13% in November and 15% year to date, the median sales price was down 11% in November and 6% year to date. Not only have individual homes lost value but sales growth has come disproportionately from the lower price bands. Homes under $700,000 now represent 63% of sales in 2012, up from 58% in 2011, while homes over $1,000,000 represented 19%, down from 23% in 2011 and 36% during the boom (2007). Sales of homes over $2,000,000 are down 26% in 2012 from a year ago and now represent only 3% of sales. For perspective, $2,000,000+ homes were 10% of the market back in 2007.
Want more data? You can see statistics by individual town in Market Statistics.
Looking for real estate on the North Shore? Click here to see homes for sale on the North Shore.
North Shore Views is the most comprehensive online source for North Shore Chicago real estate and community information. Whether you are looking for market statistics, homes for sale or local events, North Shore Views has it all at your fingertips. Browse information regarding our communities, market data, luxury homes, lakefront property, schools and what you should know about making the move to the North Shore.
Thinking of selling your home? Give us a call at 847-881-6657 to set up a consultation with the Come Home North Shore Team.