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North Shore Real Estate Report – October 2014

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

Real estate data for nine North Shore communities

North Shore home sales were down 2% in October vs. year ago. Results were a mixed bag across towns, with Glenview, Glencoe, Evanston and Lake Forest showing growth, while Wilmette, Winnetka and Highland Park had negative trends.

On the plus side, median prices for the month were 13% higher than October of last year, with the biggest gains in Glenview (+35%), followed by Wilmette (+27%) and Highland Park (+22%).

Market time was about even with last year but Wilmette and Glenview days on market continued to decline to just over two months on average.

While inventories were very tight during spring and early summer, they have been steadily increasing, and in the $1,000,000+ range there is actually a glut of listings in the majority of towns. In Wilmette, Winnetka and Glenview the oversupply of listed homes starts at $1,500,000.

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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Glencoe Housing Market Trends

Glencoe Housing Market Trends

If you read the news about the housing market, you’re likely to end up more confused than well-informed about what is really going on.  Is the market getting better or not? Have prices recovered or not?  You can read five articles on the same day which draw diametrically opposing conclusions. How can that be?

One explanation is that real estate really is local, and anything in the press about national housing market trends is not likely to reflect what is happening in your state, much less the community where you live. And that’s all you really care about, isn’t it?

So, if you live in Glencoe, here’s a graph showing the trends that matter to you. It tracks homes sold, median selling price, average selling price and market time for single family homes in Glencoe IL from 2007 to 2014 (all data is for the period January- September).

What it shows is that, after the housing bust, home sales declined their lowest point in 2009, and then turned around, increasing at an average rate of 20% through 2013. In 2014 sales stopped increasing (at least temporarily) and are actually down 20% for the first nine months vs. the same period of the previous year.

Market time reached its highest point in 2009 and declined steadily through 2013. It’s up 6% to 123 days or four months in 2014. But this is still below the six months we see in a “normal” market.

Prices took longer to bottom out, hitting a low point in 2011 when the median price declined to $846,000 (37% below the 2007 high).  It wasn’t until 2013 that prices started improving. For the first nine months of 2014 the median price of $1,244,005 is up 21% from 2011 and the average price is up 17%. Of course, that number doesn’t even include the most expensive sale EVER in Glencoe (and maybe even the entire Chicago area), a $19,500,000 private sale (outside the MLS) of a four acre lakefront property.

We are Glencoe real estate specialists and one of the top teams in the area. If you would like to schedule a buyer or seller consultation with the Come Home North Shore team, please call 847-881-6657 or send us a note 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 – 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.

 

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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.

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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.

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