North Shore Views
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
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.
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.
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.
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
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!
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.
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
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
North Shore Real Estate Data – 2012
Home sales on the North Shore of Chicago increased 17% in 2012 vs. the previous year. All towns posted gains except Winnetka (-1%) and Kenilworth (-11%). Highland Park, Wilmette and Evanston had the greatest increases.
Prices have been slower to recover. The median home price on the North Shore was down 6% for the year. Declines continued through the first seven months before hitting bottom and then rising modestly in the fall. Prices rose enough in Highland Park, Winnetka and Evanston to offset the earlier declines. Kenilworth, Lake Forest and Glenview have been slower to recover.
North Shore Real Estate Data – 2012
Time on market is just over five months for the North Shore, with Wilmette continuing to have the shortest market time with 3.4 months. Kenilworth and Lake Forest have the longest market times at 8 months.
Economists are projecting sales growth of 2.5-3.5% in 2013. The biggest obstacle to growth may be lack of inventory. Homeowners who are under water may not be willing or able to sell until prices recover. Tight inventory should help drive prices up eventually.
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, schoolsand 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 marketing consultation with the Come Home North Shore Team.
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.
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.
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.
- 1 Lake Bluff
- 2 Lake Forest
- 3 Deerfield
- 4 Highwood
- 5 Highland Park
- 6 Northbrook
- 7 Glencoe
- 8 Winnetka
- 9 Northfield
- 10Kenilworth
- 11 Glenview
- 12 Wilmette
- 13Evanston
- 14 Skokie
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