North Shore Views
All signs point to a strengthening of the housing market in New Trier Township (which is made up of Wilmette, Winnetka, Northfield, Kenilworth and Glencoe). Sales are up. Market time is down. Homes are selling closer to list price. The only lagging indictor is price, but this is beginning to improve and prices are projected to increase about 3% in 2013. The high buyer demand and low inventory of homes for sale should drive price increases in coming months.
Home Sales Trends
Sales of single family homes in 2012 were up 16% over 2011. We’re projecting an even bigger year in 2013. The only thing that will keep the market from reaching its potential will be lack of inventory of homes for sale, particularly between $500,000 and $1,200,000. So many people who bought their homes during the boom are under water on their mortgages and are reluctant to sell until prices recover.
New Trier Home Sales 2010 – 2012
Sales Price Trends
The recovery in prices is lagging sales. The median sales price for the year was $765,000, down 8% and the average sales price was $933,463, down 7% from 2011. However, prices did bottom out in 2012 and started to turn upward by year end. Economists are projecting that prices will increase around 3% nationally but we may see trends better than that in New Trier. The fact that buyer demand is currently outstripping the supply of homes for sale, should drive prices up over the coming months.
New Trier Home Prices – 2010-2012
Selling price as a percent of list price has increased to 95% in December, up from 92% in December 2011 and 90% in 2010, reflecting the fact that sellers have become more realistic in setting prices for their homes and that there are often multiple buyers bidding on the same house.
New Trier Sales Price as a Percent of List Price
Inventory and Months Supply
As I mentioned above, inventories of homes for sale are down. In December the number of homes for sale was down 29% vs. the previous year, resulting in a lot of frustrated buyers finding themselves in bidding wars and walking way empty-handed. At the moment there are only five and a half months’ of homes on the market, meaning that it would take five and a half months to sell all the houses currently listed if no other homes came on the market.
Want more data? You can see statistics by individual town in Market Statistics.
Looking for real estate in New Trier Township? Click here to see homes for sale in New Trier.
Thinking of selling your home? Give us a call at 847-881-6657 to set up a marketing consultation with the Come Home North Shore Team.