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North Shore Real Estate Update: February 2015

North Shore Real Estate Update: February 2015 vs. Year Ago

North Shore Chicago Real Estate Data February 2015

The North Shore housing market is off to a slow start this year, at lease in part due to the nasty weather we’ve been having. The total number of single family homes sold in February is even with last February (which was down 3% vs. the prior year). Sales in most villages actually declined (Lake Forest, Winnetka, Wilmette and Highland Park), but these were offset by increases in Evanston, Glencoe, Kenilworth and Northfield). Last year it was largely a lack of inventory that was hampering sales growth. This year that is not the case. The inventory of homes for sale is up 18% vs. last February, and the months supply of homes is 9.4 months, the highest it’s been in two years. New listings were also up 31% this February over last year.

The number of days those homes sat on the market before selling increased by 60% to 144 days or 4.8 months. While this is a significant increase, the market time is actually low by historical standards. The average market time in a balanced market is 6 months.

Selling prices were up 13%, with most towns up over last February except Evanston and Glencoe. February’s sale price to list price ratio was 95.4%, down from 96.6% last February. More inventory, fewer bidding wars and longer market times means that buyers are not having to pay quite as much this year as last on a relative basis.

If your New Year’s Resolution was to buy or sell a home on Chicago’s North Shore, contact The Come Home North Shore Team at Coldwell Banker.  We’re North Shore real estate specialists and our knowledge & experience can save you time & money.  Call Anne West and Paula Weiss at 847.881.6657 or email us here.

If you’d like to find out how much your home is worth in today’s market, you can find out here.

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North Shore Real Estate Update: January 2015

North Shore Real Estate Update: January 2015

North Shore Market Data: January 2015

2015 got off to a slow start, despite the fact that we had a milder January this year than last. Home sales on the North Shore were down 3% vs year ago. The two bright spots were Winnetka (166%) and Highland Park (+42%). But Wilmette, which has been going gangbusters for the last couple of years declined 35% vs. a year ago.

And the declines have not been driven by lack of inventory as in recent past. The supply of homes for sale on the North Shore was up 11% vs. last year and months supply was up to 7.7 months from 6.5 months a year ago. And Wilmette went from 4.2 months supply a year ago to 6.8 months this January.

The median price on the North Shore was down 8% over year ago, and every town except Highland Park declined. It appears that, at least for the time being, the market has shifted from more of a seller’s market towards a more balanced market.  Now that the economy has improved and people have recovered some of the equity in their homes, more homeowners who were previously stuck can now go ahead and sell.

If your New Year’s Resolution was to buy or sell a home on Chicago’s North Shore, contact The Come Home North Shore Team at Coldwell Banker.  We’re North Shore real estate specialists and our knowledge & experience can save you time & money.  Call Anne West and Paula Weiss at 847.881.6657 or email us here.

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Winnetka Housing Market Trends: 2007-2014

Winnetka Housing Market Trends

Winnetka’s home sales fell 32% from 2007 to 2009. Sales reached a record high in 2014 (+18% vs. 2007) before drifting back down to 2007 levels.

Market time has moved inversely with home sales,  reaching a high of 229 days in 2009 before starting a steady decline to 93 days in 2013. The current average market time of 118 days, while higher than 2013’s level, is still significantly shorter than what we see in a “normal” market.

Home prices didn’t reach their lowest point until 2011, when the median selling price fell 26% from 2007 and the average price fell 25%. While we’ve seen steady gains since then, 2014 median and average prices are still 9% and 13% lower than 2007, respectively.

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If your New Year’s Resolution was to buy or sell a home on Chicago’s North Shore, contact The Come Home North Shore Team at Coldwell Banker.  We’re North Shore real estate specialists and our knowledge & experience can save you time & money.  Call Anne West and Paula Weiss at 847.881.6657 or email ComeHome@cbexchange.com.

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Wilmette Housing Market Trends: 2007-2014

Wilmette Housing Markt Trends thru 2014

People are always asking me if the real estate market has fully recovered after the meltdown. The answer is that it depends. It depends where you live, whether you’re talking about home sales or prices and what price range you’re in. Last week I wrote about eight-year housing market trends on Chicago’s North Shore. Now I’m going hyper-local to take a look at the individual communities, starting with Wilmette.

In Wilmette sales hit bottom in 2009 and then started to turn around. Except for a slight dip in 2011 there were steady gains and in 2014 sales were actually 17% ahead of 2007’s pre-meltdown level.

Market time was also longest in 2009, at 169 days, and then began steadily shrinking. Wilmette homes now sell more than twice as fast as they did in 2007 (59 days). This is the lowest of any North Shore market and driven by the Wilmette’s popularity and relatively low levels of inventory available.

Prices have not fully recovered, though they are definitely on the upswing in the last couple of years. While Wilmette home sales hit their lowest level in 2009, prices did not bottom out until 2012 (falling 26% from 2007). Although we have seen nice appreciation in 2013 and 2014, the median selling price is still 10% lower than 2007 and the average price is 11% lower.

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 Chicago Housing Market Trends: 2007-2014

North Shore Housing Market Trends 2007-2014

You hear and read a lot about what’s going on with the housing market recovery, but it’s almost always based on national numbers. The fact is that the recovery is unfolding very differently from one market to another and also from one price band to another, with certain markets and price bands recovering much more rapidly than others.

The graph above shows what’s going on here on Chicago’s North Shore. The data is for single family detached homes in nine North Shore villages (Evanston, Wilmette, Winnetka, Kenilworth, Northfield, Glenview, Glencoe, Highland Park and Lake Forest). In subsequent posts, I’ll break it down further, to show you what’s going on in each individual village.

Since the high in 2007, the number of homes sold declined to a low point in 2009, and then started to climb again, surpassing 2007 levels by 38% in 2013, before drifting back down 10% in 2014.

Prices, however, actually didn’t hit bottom until 2012. While they have been on a healthy upward trajectory in the last two years, the median price is still 19% below the 2007 high while the average price is 23% below.

Market time reached its high in 2009 at 212 days. Since then it has been steadily declining to 91 days in 2014. This is half the time we typically see in a balanced market, and is driven by the low availability of housing inventory the North Shore has experienced in the last two years.

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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Anne West Earns International Designation for Luxury Home Marketing Expertise

Certified Luxury Home Marketing Specialist logoWe are proud to announce that our very own Anne West, co-founder of Coldwell Banker’s Come Home North Shore Team, has earned the prestigious Certified Luxury Home Marketing Specialist® designation in recognition of her experience, knowledge and expertise in the luxury home market.  “Anne West is an example of a real estate professional who has worked to develop market knowledge and the special skills and competencies necessary to provide exceptional service in the fine homes and estates marketplace,” said Institute President Laurie Moore-Moore, upon announcing West’s designation.  “Affluent buyers and sellers can turn to sales professionals who have this designation and be confident that they have special expertise and experience in the luxury home marketplace.”

“I am committed to providing outstanding service to my clients,” said West. “The Certified Luxury Home Marketing Specialist® designation is evidence of my ability to meet the needs of affluent buyers and sellers.  My membership in The Institute for Luxury Home Marketing also provides me with marketing tools and networking capabilities that benefit my clients.”

Another job well done, Anne! For current information on the upper bracket market on Chicago’s North Shore, contact West at Coldwell Banker’s Winnetka office (847.881.6657) or e-mail Anne.West@cbexchange.com

Come Home North Shore is one of the top real estate teams on the North Shore. We are experts at marketing, negotiation and correctly pricing homes to sell and are experienced in the sale and purchase of new construction, lakefront and luxury homes. If you are thinking of buying or selling in the following communities: Wilmette, Winnetka, Glencoe, Evanston, Highland Park, Kenilworth, Lake Forest, Northfield or Glenview, give us a call at 847.881.6657.

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Top Ten Luxury Home Sales On Chicago’s North Shore In 2014

North Shore Chicago’s top ten luxury home sales of 2014 ranged in price from $4,250,000 to $7,000,000, with a median price of $5,625,000. That’s up 13% from last year but still 6.5% below the 2006 peak median price of $6,020,000.

Three of the top ten this year were in Lake Forest, three in Winnetka, two in Glencoe and one each in Kenilworth and Wilmette. Five of them were lakefront homes. Two were new construction. The oldest home was built in 1897. Property taxes range from $54,000 to $105,000 per year.

Looking for luxury property? You can search currently listed upper bracket homes here.

# 10. 561 Circle Lane, Lake Forest – $4,250,000

561 Circle Lane kitchen

This new construction home by Heritage Luxury Builders sits on one and a half wooded acres with a deeded walking path to an exclusive beach. With sixteen rooms, seven bedrooms, seven full baths, three half baths and six fireplaces, this home has all the bells and whistles, including gourmet kitchen, media room, wine room and a sport court with a seventeen foot ceiling.

# 9. 1160 Michigan Avenue, Wilmette – $4,800,000

1160 Michigan Ave, Wilmette, IL

This wonderful mid-century modern house sits on beachfront property that is truly beachfront, not high on a bluff like most other North Shore lakefront properties. It only has three bedrooms but comes with plans for the addition of two bedrooms on the second floor.

# 8. 443 Sheridan Road, Glencoe – $4,807,500

443 Sheridan Rd, Glencoe

The magnificent Pabst Manor must have seen some amazing parties in its heyday (and probably still does). Built in 1936, the Georgian mansion has recently been completely renovated and redecorated. Situated on over two private acres bordering a ravine, it has lush landscaping, a pool and an outdoor sports court. Inside are eight bedrooms, a walnut-paneled library, four fireplaces and a commercial grade kitchen.mansions

# 7. 115 Meadow Lane, Winnetka – $5,200,000

115 Meadow Lane, Winnetka, IL
Another proposed new construction from Heritage Builders, this home will feature 14,000 feet of living space on 1.25 acre. A total of fourteen rooms will include six bedrooms, 6.3 baths, library, porch, exercise room, media room and sport court.

# 6. 20 Fox Lane, Winnetka – $5,500,000

20 Fox Lane, Winnetka, IL

This stately home, built in 1936 was designed by Stanley Anderson and is located on 1.6 acres on a private lane. Over the years it has been tastefully expanded and extensively updated. It has fifteen large rooms, including seven bedrooms, gourmet kitchen opening to a spectacular family room and library. It also has an outdoor pool, six fireplaces and garage for five cars.

# 5. 80 N. Green Bay Road, Lake Forest – $5,750,000

80 N. Green Bay Rd, Lake Forest IL

My personal favorite, this stone home at the end of a tree-lined private drive feels like an French manor house. It has been updated to provide all the modern amenities while preserving its historic character and charm. It sits on three acres adjacent to the Onwentsia Club and comes with a pool and coachhouse.

# 4. 255 N. Mayflower Road, Lake Forest – $6,100,000

Lake Forest IL Luxury home

This home was designed by noted architect Howard Van Doren Shaw and built in 1897. With over five acres of lushly landscaped property and historic gardens, it’s a gardener’s paradise. Recently restored and updated, the has plenty of room for out of town guests: seven bedrooms and seven full baths. It also has an awesome wine cave and five-car garage, as well as a wide veranda for enjoying views of Lake Michigan.

# 3. 619 Sheridan Road, Winnetka – $6,100,000

Winnetka IL luxury home
This shingle lakefront home was built in 2002. Not as large as some of the other estates, it has thirteen rooms, four bedrooms and four full baths, as well as three half-baths and sits on .7 acre perched on the bluff. You can enjoy panoramic views of Lake Michigan from the patio, gazebo, screened porch or from an Adirondack chair on the lawn.

# 2. 439 Sheridan Road, Kenilworth – $6,200,000

Luxury home in Kenilworth IL439-Sheridan-Beach

With lake views from all the principle rooms and a private beach, living here is like being on vacation. But it’s a short walk to schools and train and just a 25 minute commute to downtown Chicago. On almost an acre, the house , which was built in 1958, has been exquisitely updated for maximum comfort and elegance.

#1. 45 Lakewood Drive, Glencoe – $7,000,000

Highest prced luxury home -45 Lakewood-Glencoe

This year’s most expensive home fetched $7,000,000 after only one day on the market! Built in 1998 on a little over an acre, it has a over 11,000 square feet of living space, with sixteen rooms and six full baths, plus garage space for four cars. It has its own expansive beach and breathtaking lake views from most of the rooms as well as a multi-tiered patio. Recent renovations include a new kitchen and lower level with exercise room, theatre and golf simulator.

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If you’d like to see what upper bracket homes are currently available on the North Shore, you can search here. Or give us a call at 847-881-6657 and let us know what you’re looking for. Often we know of homes for sale that are not listed on the MLS. If it’s out there we’ll find it for you!

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 Chicago Real Estate Report – November 2014

North Shore Chicago Real Estate Report – November 2014

North Shore Chicago Market Data - November 2014
The North Shore real estate market has been quiet this fall, and, while market fundamentals are sound, we can say that the recovery is taking a breather. A decline in home buyer activity has driven an 8% decrease in home sales in November and a 9% decrease in the median price to %567,000. Market time, which has been steadily declining over the past year and a half, has leveled off at just over three months in November.

Housing supply is up 13% over November of last year and the months supply of inventory is up 29% to 6.7 months (meaning it would take 6.7 months for all the houses on the market to sell given the current rate of sale). Selling price as a percent of list price, which had increased to almost 97% earlier in the year, has settled back down to 95%. We are seeing more price reductions than we did during earlier in the year, and buyers are enjoying more negotiating leverage now than they did during the spring bidding wars.

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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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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