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

Harper Neighborhood Home Sales – 1st Quarter 2011

Sales in Wilmette’s Harper School neighborhood (as well as just about every other neighborhood) declined in the first quarter vs. last year. But remember, that’s when the home buyer’s tax credit was in place, which boosted sales last year. I would expect things to even out as the year goes on.

If you’re wondering what that house up the street sold for, you can go here.

Harper Home Sales - 1st Quarter 2011

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Romona Neighborhood Home Sales Data: 2010

Wilmette’s Romona neighborhood had strong sales activity in 2010, up 19% over 2009. The median prices was up 3%. As the most affordable neighborhood in Wilmette, 74% of homes in Romona sold for under $600,000. 23% sold for between $600,000 and $1,000,000 and only 2% sold for over $1,000,000.  There were four short sales in Romona in 2010.

Romona Neighborhood Home Sales Statistics

Romona neighborhood home sales statistics 2010

You can see what individual homes sold for on your street or in your neighborhood to get an idea of your own home’s relative value. Or go here to request a quick, over-the-net home evaluation from us.

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Central School Neighborhood Home Sales Data: 2010

Wilmette’s Central School neighborhood showed healthy growth in 2010 with home sales up 19% over last year and median selling price up 3%. 2010 selling prices ranged from  $350,000 to $4,750,000. As Wilmette’s priciest part of town, only 13% of homes sold under $600,000. 42% sold for between $600,000 and $1,000,000, while 45% sold for over $1,000,000. Two of the homes that sold were short sales and one was a foreclosure.

Days on market decreased 20%. While average market time was 70 days, 43% of homes sold in 30 days or less.

Central School Neighborhood Home Sales Statistics

Central School Market Statistics

You can see what individual homes sold for on your street or in your neighborhood to get an idea of your own home’s relative value. Or go here to request a quick, over-the-net home evaluation from us.

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McKenzie Neighborhood Home Sales Data: 2010

While the trends in the McKenzie neighborhood were not quite as positive as Harper’s, McKenzie still had a healthy increase in real estate activity during 2010, with a total of 51 homes sold (+21% vs. 2009). 43% of McKenzie neighborhood homes sold below $600,000. 48% sold between $600,000 and $1,000,000 and 21% sold over $1,000,000. There were no sales in McKenzie over $1,400,000. There were four short sales in McKenzie in 2010.

McKenzie Neighborhood Home Sales Statistics

McKenzie Neighborhood Home Sales: 2010

You can see what individual homes sold for on your street or in your neighborhood to get an idea of your own home’s relative value. Or go here to request a quick, over-the-net home evaluation from us.

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Harper Neighborhood Home Sales Data: 2010

Although recent housing market reports for the state of Illinois and the Chicago area have not been particularly  positive, the Harper neighborhood real estate market showed a marked improvement in 2010 vs. 2009. Home sales were up 32% for the year, median and average prices were up 22% and 17%, respectively. Market time for homes that sold was down 38% to 85 days on average, or less than three months. In fact, over one third of the homes sold in 30 days or less in 2010, vs. only 20% in 2009. This indicates that sellers have become more realistic with their pricing and that buyers have learned to recognize a good value when they see it.

Harper Neighborhood Home Sales Statistics

Harper 2010 Home Sales DataYou can see what individual homes sold for on your street or in your neighborhood to get an idea of your own home’s relative value. Or go here to request a quick, over-the-net home evaluation from us.

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Wilmette Home Sales by Elementary School District: January – September 2010

I find that people always seem to want real estate data on the most granular level they can get it. In particular, people want to know about the schools and how they compare, not only academically, but also in terms of home values. So I prepared this chart showing how Wilmette’s home sales break down by elementary school. Central School, being the biggest of the four schools, naturally has the most sales and the most active listings. It’s also the most expensive part of town, with the highest median sale price.

Home Sales by Elementary School District: January – September 2010

Wilmette Home Sales by Elementary School DistrictSource: MRED LLC- Single family home sales. Deemed reliable but not guaranteed.

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Harper Neighborhood Home Sales – 1st Half 2010

The Harper School neighborhood is certainly one of the bright spots right now in terms of homes sales. While home sales trends in Wilmette in the first half of 2010 were quite positive (+85% over 1st half 2009), Harper’s trends are even better, with 150% more houses sold this year than last. Even more surprising is the improvement of median selling price. While the median selling price for Wilmette actually decreased by 1%, the median price in the Harper area actually increased 7.4%, from $745,000 to $800,000. We haven’t seen this kind of trend in quite a while!

Before we get too excited, we need to keep in mind that there is still a lot of inventory on the market: 52 active listings in the Harper area alone, and some of them have been sitting for a while. On the other hand, there have been a few cases where the home was in great condition and well-priced and it sold in a matter of days. Yes, it can still happen, even in today’s market.

Harper Neighborhood Home Sales (1st Half 2010 vs. 2009)

Harper Neighborhood Home SalesSource: MRED, LLC. Single family homes. Deemed reliable but not guaranteed.

If you’d like to find out what your home is worth in today’s market, you can get a free, quick, over-the-net evaluation here or you can call me at 847-687-5957. If you would like more specific data about home sales on your street or in the immediate vicinity of your home, you can email me and I will be happy to send it to you.

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Wilmette Real Estate Trends – March

Hallelujah! Things are looking up for the Wilmette real estate market and the news is positive across all the key measures.

Wilmette Home Sales

Wilmette Home Sales March 2010Sales of Wilmette’s single family homes (including houses, condos and town homes) were up significantly in March, both vs. February (+65%) and vs. March of last year (+87%). Okay, so last March the market was dead. But still, this is very positive news. Most of the action continues to be below $900,000, but we are seeing more sales in higher price points. 31% of the sales were above $900,000 this year vs. 20% last year.

Wilmette Home Prices

Wilmette home pricesHere’s something we haven’t seen in a while. Median and average home prices in Wilmette were UP, both vs. last month and last year. The median sales price in March was $655,000, up almost 30% from $505,000 in March 2009 and up 7.4% vs. February. The average sales price in March was $869,313, up 31% over March 2009 and up 36% from February.

Inventory and Months Supply

Wilmette Housing Inventory- MarchThe inventory of Wilmette homes for sale as of March was 275, up 7.8% from February, consistent with market seasonality.  However, it’s down 9.5% vs. last March. More indicative of the market’s improving health is the decline of the months supply of homes on the market. As of March the months supply was 9.8 months, meaning that, at the current rate of sale, it would take 9.8 months for all of the houses listed to sell. Although 9.8 months is still considered a buyer’s market, this is a significant improvement over March of last year when the months supply was twice as high, at 20 months.

Market time for Wilmette propertiesMarket Time

Although market time of 114 days increased 39% from February, it decreased 30.5% from 165 days in March 2009. The fact that homes are selling faster is consistent with the increase we’re seeing in unit sales and the decrease in months supply of homes on the market.

If you have any questions about this data, or would like more details about the Wilmette market, please email me or give me a call at 847-687-5957.

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The CAGE Neighborhood in Wilmette

Typical house in Wilmette's CAGE neighborhoodThe CAGE neighborhood in Wilmette is named for the four main streets of this 24 square block neighborhood on the east side of Wilmette: Chestnut, Ashland, Greenwood and Elmwood. Bounded on the east by Sheridan Road, on the west by Green Bay Road, by the village of Kenilworth to the north and Forest Avenue on the south, the CAGE is one of the priciest neighborhoods in Wilmette.

This beautiful neighborhood derives its charm from the brick streets, mature trees, old homes set back from the street and old-fashioned street lamps. Most of the homes in the CAGE were built between the 1890’s and 1930’s, though there is some newer construction. The largest lots with the most impressive homes tend to be along Chestnut Avenue. Architectural styles vary but are mostly traditional: colonials, Tudors, Victorians, 4-squares, etc.

Housing prices are typically $1 million and up, though deals can be had if you are looking for a home that needs work.

The CAGE neighborhood is served by Central School, the largest of four elementary schools (K-4) in Wilmette. You can walk to downtown Wilmette, Gillson Park and the Metra commuter train from anywhere in the CAGE.

At this writing there are 11 homes for sale in the CAGE (see below).  If you would like up to date information on homes currently for sale in the CAGE, you can go here. Or call me at 847-687-5957 if you would like to see one (or more) of them.

1028 Chestnut Ave - $3,299,000

1028 Chestnut Ave – $3,299,000

721 Elmwood Ave - $1,249,000

721 Elmwood Ave – $1,249,000

1020 Ashland Ave - $1,400,000

1020 Ashland Ave – $1,400,000

512 Elmwood Ave - $1,499,000

512 Elmwood Ave – $1,499,000

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Wilmette Housing Trends 2007-2009

For all the data wonks in Wilmette, here are three years of housing data for our town as a whole and for some of the individual neighborhoods. The source is MRED, which is deemed reliable but not guaranteed. Also, note that the data for the specific neighborhoods may not reflect all activity…unless the neighborhood was called out in the MLS listing, the transaction would only show up in the total Wilmette numbers.

Wilmette

Year Units Sold Avg. List Price (Sold)
000’s
Avg. Sales Price
000’s

Sold /List Price
Days on Market (Sold)
2007 316 $1,023.1 $970.8 95% 132
2008 244 $984.7 $912.4 93% 150
2009 214 $834.1 $770.4 92% 168

McKenzie

Year

Units Sold


Avg. List Price (Sold)

Avg. Sales Price

Sold/List Price


Days on Market (Sold)
2007 5 $1,189.8 $1,155.0 97% 74
2008 2 $709.4 $677.5 96% 65
2009 2 $680.0 $687.5 101% 11

Kenilworth Gardens

Year

Units Sold


Avg. List
Price (Sold)

Avg. Sales
Price

Sold/List
Price
Days on
Market (Sold)
2007 15 $1,005.8 $982.3 98% 38
2008 10 1,044.1 982.9 94% 119
2009 17 835.2 778.2 93% 140

Indian Hill Estates

Year


Units Sold

Avg. List
Price (Sold)

Avg. Sales
Price

Sold/List
Price
Days on Market  (Sold)
2007 10 $1,385.4 $1,287.9 93% 125
2008 1 1,225.0 1,130.0 92% 158
2009 8 1,261.0 1,132.8 90% 338

The CAGE

Year Units Sold Avg. List
Price (Sold)
Avg. Sales
Price
Sold/List Days on
Market
(Sold
)
2007 4 $1,126.0 $1,075.8 96% 48
2008 5 1,301.0 1,225.8 94% 168
2009 9 1,109.5 1,019.2 92% 90

East Wilmette

Year

Units Sold

Avg. List
Price (Sold)
Avg. Sales
Price
Sold/List Days on
Market
(Sold)
2007 15 $1,165.7 $1,100.6 94% 102
2008 8 2,062.4 1,932.4 94% 124
2009 6 1,237.3 1,149.4 93% 83

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