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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 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!

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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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North Shore Market Update: 1st Quarter 2012 vs. Year Ago

Home sales on Chicago’s North Shore were up 16% over last year for the first quarter of 2012. Due to the mild weather the spring market started early this year and open houses have been very active since early February. At certain price points we are seeing good houses that are well-priced sell quickly and with multiple offers. In particular, there’s a shortage of inventory in the $700,000 to $1,000,000 price range.

Does that mean prices are on the rise again? Not yet. Median prices were down 20% vs. last year. But the fact that  we’re seeing multiple offers and improving sales price to list price ratios, suggests that the market has finally reached the bottom and is poised to turn the corner.

North Shore Market Update: 1st Quarter 2012 vs. Year Ago

North Shore Chicago Real Estate Data -1st Qtr 2012Source: MRED LLC – Data for single family homes. Deemed reliable but not guaranteed

Want to know what your home is worth in today’s market? Give us a call at 847-881-6657 and we’d be glad to provide you with a complimentary, no obligation, home value analysis. Or you can get a free, quick, over-the-net evaluation.

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New Trier Market Trends

Here’s a look at the three year real estate trends for New Trier Township. The data is single family homes in Winnetka, Wilmette, Kenilworth, Glencoe and Northfield. It does not include the small part of Glenview that is in New Trier.

While fewer homes sold in December 2011 than December 2010 or 2009, total year home sales of 680 were 5% ahead of 2010 and 32% ahead of 2009.

New Trier Homes Sold Trend

When it comes to sales price, December’s average price was at its lowest level in two years, down 21% vs. 2010 and down 21% vs. 2009. Year to date the average sales price for New Trier was down 3% while the median price was down 1% from 2010.

New Trier median and average sales price trendInventories of homes for sale have been declining over the last couple of years, ending 2011 at 350. This was 21% fewer homes than were on the market at the end of  2010 and 27% fewer than at the end of 2009. This equates to an 8 month supply of homes in December, which is an improvement over both 2009 and 2010. (Months supply means how many months it would take to sell all the homes currently on the market, at the current rate of sale). In early 2009 the months supply of inventory reached as high as 32 months. The current 8 months supply is very close to a balanced market (6-7 months), which means neither a seller’s nor a buyer’s market.

New Trier Inventory and Months Supply of HomesThe implications of these trends: people are buying houses again, driven by affordability and low interest rates. As a result, inventories of active listings are down, and in some price ranges there isn’t much for buyers to choose from at all. This will change as more homes come on the market in the spring, so if you are planning to sell, now is an ideal time to list your home, before you have much competition. But don’t expect prices to rebound to 2007 levels. It’s going to be a long slow climb out of the trench.

Want to know what your home is worth in today’s market? Give us a call at 847-881-6657 and we’d be glad to provide you with a complimentary, no obligation, home value analysis. Or you can get a free, quick, over-the-net evaluation.

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North Shore Market Update: 2011 vs. 2010

The other day I posted the market data for 4th quarter 2011. Today I’m taking a look at North Shore stats for the entire year. Home sales were up a modest 1% for the year, while the median price for a single family home on the North Shore dropped 2%. What’s happened is that, over the course of the year, sales have picked up while prices have continued a gradual decline. Looking back at the 1st half of the year, sales were down 11% and prices were up 4% over 1st half 2010, so sales activity has gained some real momentum in the second half of the year.

Glencoe has had a particularly strong year, with volume up 31%. Glenview and Kenilworth also posted gains. Highland Park finished the year behind 4%, but that is actually a good number compared to where it was at the end of June, which was down 27%. Wilmette finished the year down 2%, but that is at least partly due to lack of inventory for sale in the key $600K-$800K price range.

Lake Forest and Kenilworth were the only towns with positive price trends, but keep in mind that Kenilworth is a very small community and the numbers can easily be skewed by one or two large sales.

North Shore Market Update
2011 vs. 2010

North Shore Chicago Market Update- 2011Source: MRED LLC – Data for single family detached 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 (caveat: only if the transaction has closed. Until then the information is not available).

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North Shore Chicago Market Update: 4th Quarter 2011

Given the low level of market activity during the holiday season, I decided to forgo doing an update for December. Instead I opted for a 4th quarter update, which is a better indicator of what’s really going on.

Overall, North Shore home sales increased 3% over last year, driven by stronger sales in Glenview, Lake Forest and Highland Park. Unfortunately, pricing trends were not as positive, as the median price for the North Shore fell 9% from last year, to $500,000. The greatest drop was felt in Northfield (-32%) and Wilmette (-21%). Market time averaged 5.8 months for homes sold in the quarter, down 8% from 2010.

The two bright spots were Glencoe and Highland Park, the only two communities with increases in both sales and median price. In fact, this is probably the best performance we’ve seen for Highland Park in a while. It is the North Shore community that has suffered the most from the market downturn.

North Shore Market Update
4th Quarter 2011 vs. Year Ago

North Shore Chicago Market Data: 4th Quarter 2011Source: MRED LLC- Data for single family detached homes. Deemed reliable but not guaranteed.

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North Shore Market Update: November 2011

We continually hear the economists say that we’re in a “bump-along” recovery, meaning that the economy is bumping up and down along a rocky bottom and has not quite turned the corner yet. And that’s just what the numbers are showing us when it comes to North Shore home sales. Last month sales were up and prices were down vs. last year. This month it’s reversed with sales down 14% and prices up 7% vs year ago. The only trend that seems to be consistently improving is market time, which is down to about five and a half months.

North Shore Market Update
November 2011 vs. Year Ago

North Shore Market Data: November 2011Source: MRED LLC – Data for single family detached 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 (caveat: only if the transaction has closed. Until then the information is not available).

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North Shore Market Update: October 2011

North Shore home sales for October 2011 were 29% ahead of last year, putting year to date sales 2% ahead of last year. All markets showed gains in October except Wilmette and Northfield. Glenview had the strongest performance, with an 85% increase over 2010.

Market time has steadily decreased in recent months and averaged 157 days on market for homes sold in October. Evanston, Wilmette, Kenilworth, Glenview and Highland Park were all 150 days or less. Lake Forest is the one market where days on market has consistently stayed around 200 days or more.

While trends for sales activity and market time have improved, median pricing has declined for the last three months. Only Glencoe, Highland Park and Kenilworth (tiny base) showed improvement over October 2010.

North Shore Market Update
October 2011 vs. Year Ago

North Shore Housing Market Data October 2100Source: MRED LLC- Data for single family deatched homes. Deemed reliable but not guaranteed

Wondering what your neighbor’s house sold for? Just email me with the address of the property and I’d be happy to send you that information (caveat: only if the transaction has closed. Until then the information is not available).

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