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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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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.

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Wilmette Market Report – May 2014

Wilmette signAs of May 31, there were 113 active listings in Wilmette, with a median list price of $729,000 and ranging in price from $108,000 to $4,500,000.

Single family detached homes represented 98 of the total listings. 28 are in East Wilmette (Central School), 17 in McKenzie, 21 in Harper, 19 in Romona and 13 in Avoca (District 37).

During May there were 54 closed sales with a median selling price of $659,500 and an average of 73 days on market. 42 of the closed sales were single family detached houses with a median selling price of $850,000 and ranging from $241,068 to $2,455,000.

Year to date there have been 133 closed sales in Wilmette, with a median sold price of $686,000 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 $2,455,000. The average market time was 68 days.

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Evanston Market Report – May 2014

Evanston_signAs of May 31, there were 346 active listings in Evanston, with a median list price of $310,000 and prices from $39,900 to $4,300,000.

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

During May there were 104 closed sales with a median selling price of $287,500 and an average of 102 days on market. Selling prices ranged from $70,000 to $1,470,000.

Year to date there have been 319 closed sales in Evanston, with a median selling price of $297,500 and an average of 94 days on market.

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