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Glencoe Market Report – March 2014

Glencoe signAs of March 31, there were 62 active listings in Glencoe, with a median list price of $1,445,000 and ranging in price from $179,000 to $5,950,000.

Single family detached homes represented 96% of the total listings.
73% of the active listings are over $1,000,000.

During March there were 4 closed sales with a median selling price of $825,000 and an average of 318 days on market. The median selling price was $825,000 and ranged from $312,000 to $3,650,000.

Year to date there have been 17 closed sales in Glencoe, with a median sold price of $1,025,000 and an average of 150 days on market.

Watch this video for more local market data for Glencoe:

 

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.

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Winnetka Market Report – March 2014

SONY DSCAs of March 31, there were 118 active listings in Winnetka, with a median list price of $1,734,000 and ranging in price from $469,000 to $1,875,000.

Single family detached homes represented 109 (92%) of the total listings. 28 are in Greeley School, 34 in Crow Island, 26 in Hubbard Woods and 21 in Avoca (District 37).

During March there were 13 closed sales with a median selling price of $864,000 and an average of 134 days on market. 10 of the closed sales were single family detached houses with a median selling price of $1,259,500 and ranging from $647,500 to $3,200,000.

Year to date there have been 29 closed sales in Winnetka, with a median sold price of $869,000 and an average of 109 days on market. 25 of the closed sales were single family detached homes with a median selling price of $970,000 and ranging from $500,000 to $3,200,000. The average market time was 118 days.

Watch this video for more local market data for Winnetka: 

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.

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Wilmette Market Report – March 2014

wilmette_signAs of March 31, there were 86 active listings in Wilmette, with a median list price of $624,900 and ranging in price from $99,000 to $4,749,995.

Single family detached homes represented 80 of the total listings. 24 are in East Wilmette (Central School), 7 in McKenzie, 16 in Harper, 24 in Romona and 9 in Avoca (District 37).

During March there were 31 closed sales with a median selling price of $510,000 and an average of 91 days on market. 23 of the closed sales were single family detached houses with a median selling price of $650,000 and ranging from $300,000 to $1,430,000.

Year to date there have been 76 closed sales in Wilmette, with a median sold price of $516,250 and an average of 102 days on market. 57 of the closed sales were single family detached homes with a median selling price of $625,000 and ranging from $210,000 to $1,725,000. The average market time was 72 days.

Watch this video for more local market data for Wilmette:

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.

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North Shore Real Estate Update – 1st Quarter 2014

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

home sale data for nine North Shore Chicago towns

The spring market has gotten off to a slow start in 2014. Despite an improving economy, home sales on Chicago’s North Shore declined 4% in the first quarter vs. last year. The weather has been so nasty for so long, that most people just hunkered down and didn’t do anything. On the positive side, prices appreciated a healthy 18% over last year, fueled by pent-up demand on the buyer side.

Sellers have also been watching prices rise and many have held off listing in hopes of getting more for their homes down the road. That, combined with the bad weather, has led to a continued lack of inventory. Some towns on the North Shore, most notably Wilmette, are down to less than a three month supply of homes. In Winnetka, while there is more inventory on the market, much of it is in a higher price range than what most buyers are looking for (under $1,000,000).  Over 80% of the active listings are above $1,000,000, whereas only 54% of the homes that sold in the last twelve months were over $1,000,000.

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 neighbohood. 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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North Shore Real Estate Update – February 2014

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

Feb 2014 Mkt Data

The spring market is off to a slower start this year due to the cold and snowy weather here on the North Shore (as well as everywhere else!). Home sales were off 3% in February vs. last year, mainly because of the low inventory of homes for sale. There continues to be pent-up buyer demand and the houses that come on the market are selling quickly if they are priced right and in good condition. Bidding wars are pushing prices up, and the February median price was 6% ahead of last February, while market time declined 44% to under three months.

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.

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. – See more at: http://northshoreviews.com/2014/02/08/north-shore-real-estate-update-january-2014/#sthash.SeFTL8jk.dpuf

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Home Price Projections For 2014 and Beyond

After five years in the doldrums, housing prices finally showed some healthy gains in 2013. homeowners are anxious to know two things: 1) will prices keep rising in 2014 (and is this a good time to sell?)  and 2) when are prices going to get back to 2006-2007 levels?

Here is the best available thinking on that subject. The charts below are courtesy of Keeping Current Matters, and illustrate the collective wisdom of 118 economists, industry analysts and real estate experts.

Some Historical Perspective

This first chart shows that average annual price appreciation before the housing market Bubble was a slow and steady 3.6%. During the period 2002 to 2007 that doubled to 7% per year. For the next five years of the Bust the average price decline was 5.2% per year. Coming out of the recession, with so much pent-up demand from buyers, prices started increasing at a rate of 4.7%.

Historical home price appreciationGoing Forward

Going forward the consensus is that increases will be a healthy 4.5% in 2014 and then begin to moderate as the market returns to normal.

Projected home price appreciationNow, of course, it’s not like all 118 economists and experts actually agreed on a number. No, each provided his or her own projections, with some being more optimistic and some on the pessimistic end of the spectrum. While all of their  projections were combined into a “best estimate” in the chart above, the chart below shows a “best case” scenario taking the optimists’ projections and a “worst case” scenario using the pessimists’ projections. The good news for homeowners is that even the pessimistic Bears see prices appreciating almost 11% by 2018.

Cumulative home price appreciationTo answer the question about when prices will return to 2006-2007 levels, it will likely be sometime around 2020 before we see prices reach those levels again.

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North Shore Real Estate Update – January 2014

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

North Shore Real Estate Update - Jan. 2014Despite our unusually cold and snowy weather, people have been buying houses! North Shore home sales were up 19% in January vs. a year ago. The strongest gains were in Lake Forest (+111%), which is one of the markets that has been slowest to recover after the housing bust. It seems to be benefiting from the low inventory of homes in communities to the south. Home buyers frustrated with the lack of homes in Wilmette and Winnetka are ending up in Lake Forest, where homes are more plentiful.

Median home prices also jumped 25% from last year, with every one of the nine North Shore communities trending up, most with double digit appreciation.

Market time has continued to decline to 123 days, or 4 months, which is below the 6 month market time we see in a balanced market. Wilmette continues to have the shortest average market time, at 53 days, or 1.7 months, driven by extremely low inventory levels.

The key takeaway: the market is back. People are buying houses. Homeowners are recovering some of the equity lost during the meltdown. If you have been thinking of selling, now may be the right time.

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.

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How Do North Shore And National Housing Markets Compare?

 Home Sales and Price Comparison – 2013 vs. 2012

North Shore vs US real estate stats 2013
After five years of doom and gloom, we are finally seeing lots of upbeat stories and optimistic predictions in the media about the housing market.

However, almost all of the news we see is about real estate on a national level. Everyone knows that all real estate is local and there really is no “national” housing market. And frankly, each of us only really cares about the housing market in our own little part of the world.

So, North Shore friends, here’s how our world compares with the U.S. as a whole, with the great State of Illinois, and with the Chicago metro area. Yes, the trends are consistent with the rest of the country. The numbers are even more positive when it comes to growth in home sales – up nearly 25% from 2012. A bit more modest when it comes to price appreciation (+7%).

Why have the North Shore home sales come back more strongly than other areas? Partly because of the intrinsic desirability of this area, with its excellent schools and lakefront location. There was (and still is) huge pent up demand for homes here, coming mainly from city condo owners who were finally able to sell and move North.

And why have prices not appreciated as much? Mainly because of the higher average price point of the houses here.  Homes under $700,000 are where most of the growth came from in the past year. But the market for houses in the higher price ranges (which comprise a higher percentage of the housing stock here than elsewhere) has lagged. While there is virtually no inventory of homes under $800,000, there are still plenty of houses to choose from in the upper brackets (especially $2,000,000+).

Wilmette 2013 Home Sales by Elementary School

Wilmette Home Sales by Elementary School 2013

I recently posted 2013 results for nine North Shore communities, showing that Wilmette had a solid 9% increase in home sales and a 6% improvement in median selling price.

But Wilmette is one North Shore community with pretty diverse housing stock, so I wanted to look at the data on a neighborhood level to see if results were consistent across the board. At the neighborhood level, the results are a mixed bag. The most and least expensive neighborhoods showed the biggest sales gains over last year: Central (+27%), Romona (+50%) and Avoca (+8%). Harper and McKenzie sales actually declined vs. 2012, though that is due to lack of inventory rather than lack of buyer demand.

Harper (+14%) and McKenzie (+11%) had the greatest median price increases over last year, in line with high buyer demand and low supply. Central and Romona showed more modest price appreciation (+2% and +8%, respectively), while Avoca actually posted a 5% price decline.

If you’d like to get a detailed report of home prices for your neighborhood, just send me an email and I will send you information on all of the homes that sold there in the last six months.

North Shore Views is the official website of the Come Home North Shore team and 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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2014 Real Estate Predictions for Chicago’s North Shore

 

North Shore Real Estate Predictions_2014

It’s mid-January and that means it’s time for me to weigh in with my predictions for the North Shore’s real estate market for the coming year.

But first, I want to revisit last year’s predictions and see how close I came to being right (or not).

Here’s what I said a year ago:

1. Many buyers will be chasing too few homes.
2. Good houses will go fast.
3. Upper bracket homes will be a tough sell.
4. New construction will be up but hampered by lack of available land.

Well, I was generally right on all of these: buyer demand did exceed supply, resulting in bidding wars and dramatically reduced market times. While homes up to $1,500,000 were selling like hotcakes, sales of upper bracket homes (+$2,000,000) lagged. And new construction was definitely up. The only thing I underestimated (along with most economists) was the level of price appreciation. I predicted prices would rise about 3% on the North Shore, whereas the median price ended up being up 9%.

So now for this year’s projections:

1. More people will list their homes and therefore the supply of homes will be greater than last year. Now that prices have started to increase again, fewer people are underwater and more are able and willing to sell. So there will be more inventory for buyers to choose from. However, there is still considerable pent up demand and I think we will continue to have more buyers than sellers, particularly under $1,000,000.

2. Price appreciation will continue but at a slower pace than last year.
One of the things that drove prices up so much last year was that buyer demand outstripped supply. With more houses coming on the market, North Shore price increases will be in the 4-5% range (vs. the 9% appreciation we enjoyed last year).

3. Mortgage interest rates will increase to at least 5%, and possibly 5.5%
Good news for the economy is bad news for mortgage interest rates. The improved economy combined with the Fed’s tapering which will drive rates up by a point or so over the next year. They’ll still be low by historical standards but will mean that homes are 10% less affordable (a one point increase in interest rates means 10% less purchasing power).

4. Mortgages will be easier to get because the increasing rates has reduced refinancing activity and pushed banks to increase their purchase lending. In addition, there are new mortgage rules taking effect in 2014 that will provide greater clarity to banks about the legal and financial risks that come with different types of mortgages, which should make them more willing to make loans.

5. New construction will increase to the extent there is land available. The most active sales of new construction will be under $1,600,000 but available lots to build on are few and far between, so moderately priced new homes tend to go quickly. Higher end new homes not so much. There are currently over 15 active listings of new homes over $2,000,000 in the MLS and only 11 have sold in the past twelve months.

Now that we are seeing prices appreciate again, are you wondering what your North Shore home is worth? Give us a call at 847-881-6657 and we’ll provide you with a Pinpoint Price Analysis. Or, if you just want a ballpark estimate, 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.

 

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