Your Ultimate Guide to Real Estate on Chicago's North Shore

North Shore Real Estate Update – 2013

North Shore Real Estate Update – 2013 vs. 2012

2013 North Shore Real Estate Data

The housing market is back! North Shore home sales for total year 2013 were up an impressive 18% over 2012. Every North Shore village showed gains, except Northfield, which was flat.  The strongest increases were in Kenilworth (+68% off a low base), followed by Highland Park (+31%) and Lake Forest (+30%). These were the two markets that suffered the most from the housing bust, and which have taken the longest to turn around. The tight supply of homes in communities to the south have worked in their favor this past year. Many home buyers who were unsuccessful finding a house in Wilmette, Winnetka or Glencoe, have ended up going further north to buy.

Median prices increased a healthy 9% over last year, outpacing economists’ original projections. The lack of inventory played a role here, too. Many buyers found themselves in bidding wars for the few available homes and were forced to pay top dollar to beat out competition. It is expected that appreciation will continue in 2014, but at a more moderate pace of 4-5%.

As inventories remained tight throughout the year, market times continued to shrink, as good houses were snapped up quickly. The average market time for the North Shore was 103 days or just over 3 months, well below the 6 months typically associated with a normal market.

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 Data – November 2013

North Shore Market Update – November 2013 vs. Year Ago

Nov2013 dataNorth Shore home sales were down 2% in November vs. last year, and down 17% from last month, due to seasonality. Results were a mixed bag across communities, with some showing nice gains and others posting decreases.

The median sales price for the North Shore was up a healthy 27% over last year and up 9% from last month. Only Evanston posted a price decline vs. last year (and Kenilworth, but this was based on one sale). Homes that closed in November sold at 95% of list price (up from 93% last year) and 92% of original list price (up from 89% last year).

Market time continued to decline, with days on market now averaging 104 (3.5 months). Wilmette was the only village where market time increased, but it has consistently had a lower average market time due to abnormally low inventories here.

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 Market Report – September 2013

Although the market has slowed since the frenzied spring market, it still remains more active than this time last year. Home sales were up 44% vs, September 2012. The median price for the month was up 43%, but that is just for the month. Year to date prices are up 5%, more in line with economists’ projections.

North Shore Market Report – September 2013 vs. Year Ago

North Shore Market Report - September 2013

At the end of September there was a 4.5 month supply of single family homes on the North Shore. This means it would take 4.5 months to sell all the homes listed at the current rate of sale. This is well below the 6-7 months’ inventory in a balanced market.

8% of homes sold in September went at the asking price, while 13% sold above asking. It is most certainly not a buyer’s market anymore!

Rising mortgage rates have pushed buyers to close deals and this, together with tight inventories has driven market times down to 3.2 months, well below the “normal” market time of 6 months.

Now that we are (finally) starting to see 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: August 2013

North Shore Real Estate Data - August 2013

North Shore home sales were up 14% in August vs. last year and down 2% vs. July.  The communities with the strongest increases were Lake Forest (+58%) and Northfield (+44%). Glencoe and Wilmette were the only two villages that declined. Glencoe came off a very strong July (+25%). Wilmette’s decline was driven by lack of inventory.

The North Shore’s overall median price inched up 3% in August to $637,500, but results were mixed across communities. Highland Park (+14%), Lake Forest (+10%) and Glencoe (+10%) all had healthy gains, while Evanston, Wilmette and Glenview were down.

Market time continues to fall and now averages 2.5 months. Homes in Wilmette and Evanston stay on the market only one to one and a half months.

Now that we are (finally) starting to see 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 Market Report – July 2013

North Shore Market Report – July 2013 vs. Year Ago

North Shore market report - July 2013

The housing recovery continues to chug along, with July home sales running 9% ahead of July 2012. The biggest gainers were Kenilworth (+200% off a small base), Glenview (+34%) and Glencoe (+25%).

Happily (for homeowners), prices are also continuing their upward trend, with the July median price up 10% over last year. Here Glencoe (+34%), Highland Park (+33%) and Northfield (+24%) posted the biggest gains, though we should be careful not to read too much into one month’s numbers.

Market time continues to decrease, now averaging only 2.8 months on the North Shore overall. Wilmette and Winnetka had market times of only 1.7 months! This is driven by the imbalance of supply and demand. There are far more active buyers now than there are homes for sale, so homes are selling quickly if priced right.

Want more data? You can get more statistics for the individual villages here.

Have questions about the market? Give us a call at 847-881-6657. We’re never too busy for your questions!

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North Shore Market Report – June 2013

North Shore Market Report – June 2013 vs. YGO

North Shore Market Report - June 2013

The North Shore housing market keeps chugging along even though summer is traditionally pretty dead when it comes to real estate. Not only were closings up 21% in June over last year for the nine North Shore communities we track, contracts written continue at a healthy clip.

The median price for the North Shore was up 11% in June and 8% for the first half. So, if you were waiting to buy until prices bottomed out, you have missed it. That said, prices are still significantly below 2006 levels and interest rates, while rising, are still low by historical standards, so it’s still a great time to buy. The biggest problem you’ll have now is finding a house to buy. Inventories are extremely low, especially under $1,000,000 and bidding wars have become commonplace again. If you want to get your dream home, make sure to position yourself to be the strongest buyer in a multiple offer situation.

Want more data about North Shore real estate? Check out our Market Statistics page

Have a question about the market? Maybe we can answer it! Give us a call at 847-881-6657 or email us.  We’re never too busy for your questions.

 

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North Shore Market Update – May 2013

I think it’s safe to say that the recession is over and the recovery has taken hold. The housing market continues to gain momentum, with home sales up 10% on the North Shore from May of last year.

North Shore Market Update – May 2013 vs. Year Ago

May 2013 real estate data

Although prices for May show a slight dip, it is just one month’s data. The median price for 2013 year to date market data is a better indicator of what’s really going on. It’s up 3%, right in line with the economists’ predictions (for once) and almost all villages are showing price appreciation on a year to date basis.
Meanwhile market time continues its steady decline, with homes staying on the market just an average of 4.3 months. While that sounds like a long time, the market time during a “normal” market is 6 months. Plus, averages can be misleading. The fact is that many houses are selling in a matter of days and with multiple offers. There is just not enough inventory to meet the current buyer demand.

Want more data about the North Shore real estate market? You can get it here.

If you have any questions about what’s going on in the North Shore housing market, give us a call at 847-881-6657 or send us an email. We’re never too busy to answer your questions!

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, schoolsand what you should know about making the move to the North Shore.

 

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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

North Shore Market Data April 2013

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.

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, schoolsand what you should know about making the move to the North Shore.

 

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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

Feb2013MktData

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.

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, schoolsand what you should know about making the move to the North Shore.

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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

North Shore Real Estate Data - 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.

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