North Shore Views

North Shore Market Update – April 2013

Wow! The North Shore housing market is on fire! Home sales increased a whopping 53% over last year, median prices were up 10% and market time was down 33%.

North Shore Market Update – April 2013 vs. Year Ago

All villages posted sales gains except for Kenilworth and Northfield, with the largest growth in Lake Forest (+133%) and Evanston (+119%).  Glencoe and Wilmette also strong gains.

All villages showed price appreciation except for Lake Forest, with Evanston’s median price up 38% from last April.

Market time for the North Shore has decreased to under four months (market time oin a normal market is six months). Glencoe, Wilmette and Evanston are the hottest markets, with homes staying on the market less than three months.

There’s no doubt about it – the recovery is in full swing, with all trends going in the right direction. If you are thinking of selling your home, now may be the right time. There are plenty of buyers out there and not enough homes on the market to satisfy the demand. If you tried unsuccessfully to sell in the last few years, you may want to try again. Your probability of success is much greater now.

Wondering what your house is worth in today’s market? Give us a call at 847-881-6657 and we’ll give you a market analysis.

Tags: Home prices, North Shore market data

North Shore Market Update – February 2013

North Shore home sales were up 18% in February over last year, which is not surprising given the recovering housing market. Interestingly, though, results varied significantly from village to village with some showing declines and others showing strong increases.  What seems to be happening is that the communities that rebounded early (Wilmette, Evanston, Glencoe) had their growth spurt last year and have plateaued, while areas where the recovery lagged behind, are now growing again Highland Park, Lake Forest and Glenview).

North Shore Market Update – February 2013 vs. Year Ago

A similar phenomenon is happening with prices. Prices overall have stabilized but the results are mixed when it comes to the individual towns. The communities that showed price appreciation last year (Evanston, Winnetka, Kenilworth) did not show appreciation this year (not yet, at least). Prices in Glencoe, Glenview, Northfield and Lake Forest, on the other hand, were slower to recover but have come back strongly at the beginning of this year.

Market time has declined to 5.1 months on the North Shore overall, which is below the 6 months you’d see in a “normal” market. This is driven by the relative lack of inventory available for sale. Wilmette’s inventory is so low right now, that the average market time is only 1.7 months.

A word of caution:  don’t read too much into one month of data, especially for a specific community, as these numbers do bounce around from month to month. Better to look at a longer term trend, which you can find under the Market Statistics tab. 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 sa;es of similar homes to yours in your own community and neighbohood. Just give us a call at 847-881-6657.

Tags: North Shore home prices, North Shore market data, North Shore real estate trends

North Shore Real Estate Data – January 2013

For the first month of the year North Shore home sales decined 7% from January of 2012. After months of positive trends you may be worried that the housing market recovery has stalled. What’s really going on is that there are plenty of buyers out there looking for homes, but there just aren’t many good homes for them to buy and the few good houses that do come on the market are snapped up quickly, often in a bidding war. A case in point is Wilmette, where the average market time is an unheard of 1.8 months (market time in a normal market is six months). There are only 79 houses on the market in Wilmette, which is about half the number for sale this time last year. You can find out what’s driving the shortage of home for sale here.

North Shore Real Estate Update – January 2013

On a more positive note (for homeowners) the median sales price was up 4% from December and up 10% over January 2012. As supply and demand dynamics take hold, we should see prices continue to rise modestly in the coming months.

As for prices in individual towns, these tend to bounce around from month to month, and there are too few houses selling right now in each town to draw any conclusions about what’s going on. As we move into the spring market we will be able to get a better handle on market health.

Want more data? You can see statistics by individual town in Market Statistics.

Looking for real estate on the North Shore? Click here to see homes for sale on the North Shore.

Thinking of selling your home? Give us a call at 847-881-6657 to set up a marketing consultation with the Come Home North Shore Team. We’ll provide you with a comprehensive analysis of what your home is worth in today’s market, advise you on how to maximize its selling price and customize a marketing plan to maximize buyer exposure to your home.

Tags: North Shore market data, North Shore real estate trends, North Shore sales trends

How Does the North Shore Compare to National and Statewide Housing Trends?

After years of reporting doom and gloom about real estate, the national press has finally pronounced the housing market to be in the midst of a full-on recovery. Increased consumer confidence and  pent-up demand have driven home sales up with price appreciation following suit.

But most of what we read is about national averages, and since all real estate is local, the only relevant data for us as homeowners is the data for the market where we live and own real estate.

So here’s a table showing how the North Shore compared with the nation as a whole, the state of Illinois and the Chicago PMSA*. Home sales are up strongly across all areas, though the North Shore’s growth is somewhat more modest than that of the state or the Chicago PMSA. Where the North Shore really diverges from the broader market is in price appreciation. Whereas prices nationwide were up 6.3% in 2012, the North Shore’s prices were down 6%.

2012 Real Estate Trends Comparison

The cause of this disparity probably goes to the fact that the segments of the market which recovered first were at the low end of the price continuum. First-time buyers who are buying at the low end and are not saddled with a home to sell represented a larger portion of real estate transactions than in the past. The North Shore is generally not a first-time buyer market due to its higher home prices. The North Shore’s median sales price is $430,000, more than twice the national median price of $176,000. So, we should expect it to lag the rest of the state and the nation.

That said, prices do seem to have bottomed out on the North Shore and are starting to recover, and we are expecting healthy sales and modest price gains of around 3%  by the end of 2013.

*Chicago Primary Metropolitan Statistical Area

Tags: North Shore market data, North Shore real estate trends

Top 10 Highest Priced North Shore Home Sales of 2012

This year’s top ten highest priced North Shore home sales ranged in price from $3,800,000 to $7,500,000. If you are looking for a luxury home, you may be able to find a (relative) bargain right now. The median selling price of $4,540,000 represented a 25% discount from the median price of $6,020,000 for the top ten homes sold back in 2006.

While Lake Forest had the highest number of upper bracket sales in 2011, Glencoe was the winner in 2012, with four top ten homes.  Two of the top ten were in Winnetka, two were in Lake Forest and one each was in Highland Park and Evanston. Last year four of the top ten upper bracket sales were lakefront properties. This year eight of the homes were on the lake.

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

#10. 581 Ingleside Park, Evanston - $3,800,000

This lakefront property has beautiful gardens, courtyard and terrace plus 180 feet of lake frontage. There are two master suites and three other family bedrooms. A one bedroom, one bath guest suite is above the garage. Orginally listed for  $4,400,000, it sold
for 86% of list price.

#9. 955 Lake Rd., Lake Forest – $4,100,000

The architecturally significant Italian Villa on the Lake was designed by David Adler and situated on 2.8 acres of beachfront .The gardens are spectacular.  The Interior is simple & concise, reflecting Adler’s symmetry.

#8. 17 Indian Hill Rd., Winnetka – $4,400,000

Built in 1928, this thirteen room home on two acres overlooking the Indian Hill golf course has been expanded and renovated. It has six bedrooms, five full and four half baths, grand formal rooms, nine fireplaces, an indoor basketball court and a coach house. Ooriginally listed for $4,995,000 it sold for 88% of list price.

Read the rest of this entry »

Tags: highest priced homes, lakefront properties, Luxury homes, North Shore market data, upper bracket homes

North Shore Real Estate Data – November 2012

November home sales increased 32% on Chicago’s North Shore vs. year ago. The largest growth was in two of the communities with the lowest median home prices: Evanston (+100%) and Glenview (+61%).  These two communities represented 50% of all single family home sales on the North Shore in the month of November.

North Shore Real Estate Update – November 2012

A Lack of Inventory in the “Sweet Spot”
Wilmette and Winnetka home sales actually declined in November, more due to lack of inventory of homes for sale than to lack of demand.  Wilmette only has  4.3 months supply vs. the 6 months there would be in a “normal” market. As a result, well-priced homes in good condition are selling quickly, with market time down to under two months.

Winnetka has 8.6 months of supply overall , but closer inspection of the numbers reveals that there are only 4.6 months of inventory under $2,000,000, while there is over 40 months supply of homes over $2,000,000 (given the the current rate of sale). Only one of the 45 homes listed over $2,000,000 has sold in the last three months.

A Dearth of Buyers in the Upper Brackets
Although sales were up 13% in November and 15% year to date, the median sales price was down 11% in November and 6% year to date. Not only have individual homes lost value but sales growth has come disproportionately from the lower price bands. Homes under $700,000 now represent 63% of sales in 2012, up from 58% in 2011, while homes over $1,000,000 represented 19%, down from 23% in 2011 and 36% during the boom (2007). Sales of homes over $2,000,000 are down 26% in 2012 from a year ago and now represent only 3% of sales. For perspective, $2,000,000+ homes were 10% of the market back in 2007.

Want more data? You can see statistics by individual town in Market Statistics.

Looking for real estate on the North Shore? Click here to see homes for sale on the North Shore.

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.

Thinking of selling your home? Give us a call at 847-881-6657 to set up a consultation with the Come Home North Shore Team.

Tags: Home prices, North Shore market data, North Shore real estate trends

North Shore Chicago Real Estate Data – October 2012

Home sales on Chicago’s North Shore were up 4% in October vs. last year. Although sales growth has slowed as we move into the winter, the lack of inventory has also had a dampening effect. At some price points there are very few homes for sale which has frustrated buyers anxious to take advantage of affordable prices and low interest rates.

The low inventory is having a positive effect on prices. Overall, the median selling price on the North Shore was up 11% over last year, with more positive trends seen in the more affordable areas.

Market time has also been affected by low inventory and is now under four months for some towns. This is all good news for sellers, who can expect a quick sale for a well-priced home.

 North Shore Market Update – October 2012

Want more data? You can see statistics by individual town in Market Statistics.

Looking for real estate on the North Shore? Click here to see homes for sale on the North Shore.

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.

Thinking of selling your home? Give us a call at 847-881-6657 to set up a consultation with the Come Home North Shore Team.

Tags: North Shore market data, North Shore real estate trends

North Shore Real Estate Data – September 2012

After months of improving trends, North Shore home sales declined 10% in September vs. 2011 and 45% vs. last month. The declines vs. August to some extent reflect seasonality. People who wanted to move prior to the start of the new school year have done so and the market is starting to slow down as it does every year at this time. But the decline is also due to lack of inventory, and frustrated buyers cannot find a suitable house. Inventories are very low because many would-be sellers are unwilling or unable to sell at the current low prices. As a result, good houses that come on the market are being snapped up quickly, resulting in average market times of only four months (six months is average for a “balanced” market).

The relatively high demand vs. the current low supply of homes is starting to exert upward pressure on prices, which gained 9% in September vs. last year. This overall increase was driven primarily by gains in Wilmette, Glenview and Highland Park.

North Shore Real Estate Data – September 2012

Want more data? You can see year to date data and statistics by individual town in Market Statistics.

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.

Tags: North Shore market data, North Shore real estate trends

North Shore Real Estate Update – 1st Half 2012

North Shore Chicago home sales showed strong growth for the first half of 2012,  up 17% over last year. All towns had positive trends except for Kenilworth and Glencoe. Highland Park, which has been one of the weakest markets over the last three years, has finally rebounded, with an increase of 31% in the first half. Evanston, Wilmette, Northfield and Lake Forest also had double digit growth.

The average time on market was down to six months for the North Shore, which is considered a balanced market. Evanston, Wilmette and Highland Park were under six months, while Glencoe, Winnetka and Lake Forest were slightly longer.

Price trends for the North Shore were still in the red vs. last year, down 5%. But the month to month trends in recent months have been positive, and this together with the strong sales activity, tight inventory and multiple offer situations, is strong evidence that the market has bottomed out and is starting to head north again.

North Shore Real Estate Update – 1st Half 2012

Source: MRED LLC – Data for single family homes. Deemed reliable but not guaranteed.

If you’d like more detailed information about homes sales or price trends in your market you can find it on our Market Statistics page.

We are North Shore 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 contact us at 847-881-6657 or send us a note here.

Tags: North Shore market data, North Shore real estate trends

North Shore Real Estate Update – May 2012 vs. Year Ago

Home sales for Chicago’s North Shore were up 21% in May, signaling a robust spring housing market. All towns showed positive trends except Kenilworth and Glencoe. Wilmette had the strongest growth (+91%).

Although median sales price for the North Shore was flat vs. last year, this is good news, as it is the first time in many months that prices did not decline and suggests that the market has bottomed out and is poised for growth in the future.

Average market time for homes sold in May decreased to five and a half months, which is actually below the normal six months for a balanced market (neither a buyer’s nor a seller’s market). Wilmette was down to a market time of only three months, which goes hand in hand with the fact that inventories in Wilmette are also unusually low.

North Shore Market Report: May 2012 vs. Year Ago

Source: MRED LLC – Data for single family homes. Deemed reliable but not guaranteed.

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

Tags: home sales, North Shore market data