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North Shore Real Estate Report – September 2014

North Shore Market Report – September 2014 vs. Year Ago

North Shore Market Data - September 2014

Home sales on the North Shore were down 16% in September vs. year ago and down 36% from August.  Glencoe had the biggest loss (-42%) followed by Highland Park and  and Wilmette, which were both down 19%. Only Lake Forest posted a gain (+7%).

The median sales price was down 2% overall, but the results were mixed across towns. Half were down and the other half were up this month over last year.

Market time continued to decline to under three months (six months is what we typically see in a “normal” market). The months supply of inventory has risen to 6.4 months, which is in the normal range, but this varies widely across prices ranges, with larger than average inventories in the upper bracket segments.

Want more data? You can get all the North Shore real estate stats your heart desires right here.

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.

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North Shore Real Estate Report – August 2014

North Shore Real Estate Report – August 2014 vs. Year Ago

North Shore Real Estate Report - August 2014

North Shore home sales were sluggish in August, down 7% vs. August 2013. Results were mixed across villages, though. Winnetka, Evanston and Highland Park actually increased vs. last year, while the other North Shore communities had double-digit declines. After a frenzied spring/early summer market, home buyers, exhausted from bidding wars, took a break in late summer, and showings were down significantly across the board.

The median home price on the North Shore was up 14% in August over last year, with Glencoe, Wilmette and Evanston showing the most robust gains. In the case of Wilmette and Evanston, the price increases were driven more by an imbalance of supply and demand (more buyers than sellers). Glencoe’s 11 August closings happened to be weighted toward the higher end of the price spectrum than this time last year (including one sale for $4.8M).

Market time continues  to decline, down 37% in August from last year. And Wilmette continues to be the hottest market, with homes selling in just 35 days on average.

As we head into September, showings and sales have begun to pick up and we expect to see a burst of buyer activity continue through early November. If you are thinking of selling your home in the near future, you’ll want to get it on the market soon, before buyers go into hibernation for the winter.

Want more data? You can get all the North Shore real estate stats your heart desires right here.

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.

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North Shore Real Estate Update – July 2014

North Shore home prices were up 5% in July, with every town showing appreciation except Glenview (-1%) and Glencoe (-28%), though both were up double digits year-to-date through June. On the other hand, homes sales were down 12% in July vs. last year. The only town that showed an increase was Wilmette (+29%).

Days on market continued to decline to 77 days (market time in a normal market is 180 days). Glenview, Northfield and Wilmette had the shortest market time (< two months), while Kenilworth, Highland Park and Glencoe had the longest time on market.

North Shore Real Estate Update – July 2014 vs. Year Ago

North Shore Real Estate Data- July 2014What’s the explanation for declining sales when we’re supposed to be in a recovery? The inventory of homes for sale continues to be below the 6 month level we associate with a normal market. Some North Shore towns, namely Wilmette and Evanston, have only three months of inventory, and this is driving prices up. Why are more people not selling? Some because they still have less equity than they did back in the day, and they’re hoping that prices will continue to rise. And some because they have a super-low mortgage rate and don’t want to give that up.

Want more data? You can get all the North Shore real estate stats your heart desires right here.

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.

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Highland Park Market Report – June 2014

highland-park-il-signAs of June 30, there were 218 active listings in Highland Park, with a median list price of $769,000 and prices ranging from $49,900 to $16,000,000. (If you take out Michael Jordan’s house, the next highest priced house is $9,800,000). The average market time was 84 days.

Single family detached homes represented 87% of the total listings.
33% of them are over $1,000,000.

During June there were 64 closed sales, with a median selling price of $506,000 and ranging from $91,800 to $3,200,000.

Year to date there have been 214 closed sales in Highland Park, with a median selling price of $497,000 and an average of 90 days on market.

Watch this video for more local market data for Highland Park:

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Glencoe Market Report – June 2014

Glencoe signAs of June 30, there were 81 active listings in Glencoe, with a median list price of $1,499,000 and ranging in price from $109,000 to $4,600,000.

Single family detached homes represented 94% of the total listings.
71% of those are over $1,000,000.

During June there were 17 closed sales with a median selling price of $1,025,000 and an average of 60 days on market. Selling prices ranged from $492,000 to $2,650,000.

Year to date there have been 65 closed sales in Glencoe, with a median selling price of $1,025,000 and an average of 129 days on market. Single family detached homes represented 95% of closed sales, with a median sales price of $1,030,000.

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Evanston Market Report – June 2014

EvanstonILLogoAs of June 30, there were 370 active listings in Evanston, with a median list price of $317,000 and prices from $52,000 to $1,130,000.

Single family detached homes represented 39% of the total listings. 24% of them are over $1,000,000.

During June there were 128 closed sales with a median selling price of $345,500 and an average of 45 days on market. Selling prices ranged from $70,000 to $1,470,000.

Year to date there have been 445 closed sales in Evanston, with a median selling price of $315,000 and an average of 80 days on market.

Watch this video for more local market data for Evanston:

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Winnetka Market Report – June 2014

Winnetka signAs of June 30, there were 164 active listings in Winnetka, with a median list price of $1,699,000 and ranging in price from $159,900 to $18,750,000.

Single family detached homes represented 98% of the total listings. 43 are in Greeley School, 59 in Crow Island, 49 in Hubbard Woods and 26 in Avoca (District 37).

During June there were 27 closed sales with a median selling price of $1,300,000 and an average of 176 days on market. 23 of the closed sales were single family detached houses with a median selling price of $1,353,500 and ranging from $457,739 to $3,300,000. Average market time was 176 days.

Year to date there have been 105 closed sales in Winnetka, with a median sold price of $1,149,000 and an average of 132 days on market. 93 of the closed sales were single family detached homes with a median selling price of $1,240,000 and ranging from $435,000 to $5,500,000. The average market time was 124 days.

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Wilmette Market Report – June 2014

Wilmette signAs of June 30, there were 121 active listings in Wilmette, with a median list price of $719,000 and ranging in price from $108,000 to $4,225,000.

Single family detached homes represented 109 of the total listings. 29 are in East Wilmette (Central School), 21 in McKenzie, 24 in Harper, 21 in Romona and 13 in Avoca (District 37).

During June there were 60 closed sales with a median selling price of $785,500 and an average of 50 days on market. 50 of the closed sales were single family detached houses with a median selling price of $930,525 and ranging from $305,000 to $1,678,000.

Year to date there have been 238 closed sales in Wilmette, with a median sold price of $606,000 and an average of 74 days on market. 184 (77%) of the closed sales were single family detached homes with a median selling price of $755,000 and ranging from $210,000 to $2,455,000. The average market time was 60 days.

Watch this video for more local market data for Wilmette:

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North Shore Real Estate Update – 1st Half 2014

North Shore home sales declined 10% in the first half vs. last year. The only two villages with increases were Wilmette (+4%) and Northfield (+15%).

Prices, on the other hand, rose 8% vs. the first six months of 2013.  Every town but Northfield showed appreciation, with the greatest gains in Kenilworth (+52% off a low base), Highland Park (+27%) and Winnetka (+24%).

Market time continues to decline and Wilmette continues to be the hottest market in terms of speed of sale (60 days).

North Shore Real Estate Update – 1st Half 2014 vs. Year Ago

1st Half 2014 North Shore Market Data

We are supposedly in a housing recovery. So what is this strange phenomenon of rising prices and declining home sales? It’s because demand continues to outstrip supply, at least in the low to moderate price ranges (above $2,000,000 there is plenty of inventory!). The months supply of homes for sale on the North Shore overall is 5 months, though it ranges from a low of 2.6 months in Wilmette to a high of 10 months in Lake Forest. So, given prices are rising, why aren’t more people selling? One reason is that they are waiting for prices to increase even more (some hold out hope of prices reaching 2006 levels). Others aren’t selling because that would mean giving up a never-to-be-seen-again interest rate if they sold and bought another home. According to CoreLogic more than a third of all homeowners with mortgages have a rate below 4%, many as low as 3.3%. So more people are opting to stay put and hold on to their crazy low interest rate, leading to lower inventory and upward pressure on prices.

Want more data? You can go here to get more market statistics for the North Shore. If you are trying to figure out what your home is worth in today’s market, we can provide you with a competitive market analysis based on sales of similar homes to yours in your own community and neighborhood. Just give us a call at 847-881-6657.

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.

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Highland Park Market Report – May 2014

As of May 31, there were 218 active listings in Highland Park, with a median list price of $769,000 and prices ranging from $49,900 to $16,000,000. (If you take out Michael Jordan’s house, the next highest priced house is $9,800,000). The average market time was 75 days/

Single family detached homes represented 86% of the total listings.
34% of them are over $1,000,000.

During May there were 37 closed sales of single family homes, with a median selling price of $637,500 and an average of 88 days on market. Selling prices ranged from $180,000 to $1,850,000.

Year to date there have been 120 closed sales in Highland Park, with a median selling price of $532,500 and an average of 96 days on market.

Watch this video for more local market data for Highland Park:


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