North Shore Views
North Shore Real Estate Update – 2013 vs. 2012
The housing market is back! North Shore home sales for total year 2013 were up an impressive 18% over 2012. Every North Shore village showed gains, except Northfield, which was flat. The strongest increases were in Kenilworth (+68% off a low base), followed by Highland Park (+31%) and Lake Forest (+30%). These were the two markets that suffered the most from the housing bust, and which have taken the longest to turn around. The tight supply of homes in communities to the south have worked in their favor this past year. Many home buyers who were unsuccessful finding a house in Wilmette, Winnetka or Glencoe, have ended up going further north to buy.
Median prices increased a healthy 9% over last year, outpacing economists’ original projections. The lack of inventory played a role here, too. Many buyers found themselves in bidding wars for the few available homes and were forced to pay top dollar to beat out competition. It is expected that appreciation will continue in 2014, but at a more moderate pace of 4-5%.
As inventories remained tight throughout the year, market times continued to shrink, as good houses were snapped up quickly. The average market time for the North Shore was 103 days or just over 3 months, well below the 6 months typically associated with a normal market.
Now that we are seeing prices appreciate again, are you wondering what your North Shore home is worth? You can get a quick and easy over-the-net home valuation by just giving us some basic information about your house. Just go here to submit your info and we’ll send you your home valuation within 48 hours.