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 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 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 – 1st Quarter 2013

Home sales on the North Shore were up 10% in the first quarter of 2013 vs.year ago. The villages with the biggest gains were Kenilworth (from a very small base), Highland Park (+39%) and Lake Forest (+33%). Not all markets were up, though. Evanston, Wilmette and Winnetka saw declines in the first quarter.  Evanston was down partly because of a very strong first quarter last year, where sales were up 83%. Wilmette’s decline was driven primarily by lack of inventory. With only 77 homes for sale, the village has the lowest inventory in years. In Winnetka the decline is mainly due to lack of inventory in the price points where there is the most buyer demand, which is between $800,000 to $1,400,000.

North Shore Market Update – 1st Quarter 2013 vs. Year Ago

1st Qtr. 2013 Real Estate Data

Median prices were up 7% over first quarter of last year for the North Shore as a whole, but results were mixed across villages. Northfield, Lake Forest and Glenview showed healthy price increases, while Winnetka, Kenilworth and Glencoe saw declines. Winnetka’s decline was off a very strong 2012 where the median price was up 72% from the prior year. Kenilworth’s lower median price was driven by the fact that the majority of the sales in the quarter were in the less expensive part of the village west of Green Bay Rd.

Market time continued to decline to 5.1 months, which is less than the market time in a “normal” market. Some villages were well below that: Wilmette (2.4 months), and Northfield (3.5 months) and Evanston (4.1 months). Only Highland Park saw an upward trend in market time.

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 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 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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Wilmette Home Sales by Elementary School – 2012

Once or twice a year I like to get really granular with the data and go to the neighborhood level to get a good picture of what’s going on in a given community. Wilmette is among the more diverse communitities when it comes to housing stock, with prices generally going up as you travel west to east. Despite the variety in housing stock, the good news is that all neighborhoods saw a dramatic increase in home sales in 2012 vs. the previous year. Avoca was up the most, with an increaae of 125%, followed by Central (+117%), Romona (+100%), Harper (+97%) and McKenzie (+70%).

Price improvement has lagged sales everywhere. Median prices were up slightly in all neighborhoods except Central, while average prices stayed mostly flat. Market time decreased in all neighborhoods except Romona, with the shortest average time on market in McKenzie.

Wilmette Sales by Elementary School – 2012

Wilmette Sales by Elementary School - 2012

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

 

Wondering what your neighbor’s house sold for? Just email us with the address of the property and we’d be happy to send you that information. Or call us at 847-881-6657. We’re always happy to answer your questions!

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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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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

NS vs. Ill. vs US data

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

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New Trier Real Estate Trends – 2012

All signs point to a strengthening of the housing market in New Trier Township (which is made up of Wilmette, Winnetka, Northfield, Kenilworth and Glencoe). Sales are up. Market time is down. Homes are selling closer to list price. The only lagging indictor is price, but this is beginning to improve and prices are projected to increase about 3% in 2013. The high buyer demand and low inventory of homes for sale should drive price increases in coming months.

Home Sales Trends

Sales of single family homes in 2012 were up 16% over 2011. We’re projecting an even bigger year in 2013. The only thing that will keep the market from reaching its potential will be lack of inventory of homes for sale, particularly between $500,000 and $1,200,000. So many people who bought their homes during the boom are under water on their mortgages and are reluctant to sell until prices recover.

New Trier Home Sales 2010 – 2012

NewTrierSales2012 Read the rest of this entry »

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