Great News! Home sales statewide, including Chicago North Shore have posted monthly year-over-year volume gains since July 2011; per information recently released by the Illinois Association of REALTORS®.
So far North Shore sales volume has been encouraging. The first two months in a year are traditionally slower in terms of real estate progress, but this year to date the market is off to a robust start. North Shore Market appeal is strongly supported by ongoing attractive mortgage rates and ideal turn-around time-frames for sellers; a win-win combination for all involved in the Chicago North Shore real estate transaction process. The future looks bright for April 2013 North Shore home sale projections.
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore-North Central region was 3.49 percent in February 2013, up from 3.40 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last February it averaged 3.91 percent. In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in February 2013 totaled 5,935 homes sold, up 20.2 percent from February 2012 sales of 4,936 homes.
Forty-seven (47) of 102 Illinois counties reporting to IAR including the North Suburban area showed year-over-year home sales increases in February 2013. Lake, up 7.4 percent Cook, up 4.7 percent.
Sales and price information is generated by Multiple Listing Service closed sales reported by 31 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of March 7, 2013 for the period Feb. 1 through Feb. 28, 2013. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
The Illinois Association of REALTORS® is a voluntary trade association whose 41,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.
Now in 2013, optimism and confidence in Chicago’s North Suburban real estate market is increasing. Growth has been seen throughout 2012 and housing recovery is no longer a hush term. 2013 is forecasted to be one of the most productive and best performing real estate years on record. Below are 4 reasons to rejoice and scream out “Happy New Year”:
1. Increase in first-time North Shore home buyers-Recent trends and surveys suggest that growth in demand for North Shore-Chicago homes will likely be driven by first time home buyers. The National Association of Realtor’s released a survey in November of 2012 that showed 39% of borrowers were first-time property purchasers, up 37% from 2011 figures. See Survey HERE.
2. North Shore Home prices are on the rise-Confidence in the North Shore market has fueled demand in homes. The inventory available often gets snapped up quickly. In addition, new home construction may need to increase to keep up with population growth. A recent report by the National Association of Realtors (NAR) in October of 2012, showed a slight decrease of 22% in the pace of inventory against population growth and overall inventory availability. This equals higher demand, which results in higher prices.
3. Mortgage rates will rise-Although at a historic low for most of 2012, predictions are betting on the only direction the rates can go…UP! Rates are slated to rise 4% in 2013 according to The NAR. Experts agree that there’s no way the low-interest-rate trend will last forever. Getting into the marketNOW will have the best benefit and create a North Shore real estate asset as interest rates begin to surge again.
4. Rents will rise with young people entering the North Shore market-Many in their twenties and thirties have been waiting, riding out the economy. As the economy picks up, these same groups will look for apartments and rental property, thereby creating greater demand for the rental market. This means a new motivation for North Shore home seekers that may have been on the fence. In recent years rents have been rising nationally at a pace of about 4% based on a Zillow analysis and confirmation that buying beats renting in most metros including North Shore-Chicago. It’s predicted this trend will continue well into 2013. See report HERE.
725 Greenleaf Ave in Glencoe, Illinois 60022, is the quintessential French Eclectic style, French Provincial or French Chateau, fashionable in the 1920s and 1930s. The style was utilized most often in residential architecture and emerged from an increased knowledge of French architecture and an appreciation for French culture.
American soldiers, who had served in France during World War I, returned home with a first-hand familiarity with French domestic architecture, particularly from the Normandy and Brittany regions. In addition, numerous Pacific Northwest architects who designed these homes had received training at the Ecole des Beaux Arts School, the most prestigious fine-arts school in Paris, and came back to America ready to apply what they had learned. Further fueling the popularity of the style was a number of photographic studies of modest French homes which were published both in architectural journals and popular magazines. These photos and commentary provided architects and builders with many models to draw design ideas from.
1918-1940 Sample Design:
The French Eclectic style is rectangular in plan and symmetrical in design, and is at least one-and-a-half stories in height. The main distinguishing characteristic of the style is a massive hip roof with its ridge paralleling the front of the house. The roof incorporates a second floor, which is typically lit by the addition of several dormers. Most of these dormers have segmental or hip roofs, although shed dormers can be found. Commonly, the dormers are located within the plane of the exterior wall and incorporate larger than normal windows.Exterior cladding can be of brick, stucco or clapboard.
Detailing varies from formal classically inspired door surrounds with pediments and pilasters, to a more loose English Tudor flavor with board and baton doors and round arched entry porches. Windows may be either multi-light double-hung sashes or casement style, and are often highlighted by decorative shutters. In order to expand the structure, frequently wings are added to the sides of the main block of the building and are usually subservient in size. Decorative quoins are often found at the buildings corners and near doors and windows.
Washington State Examples:
Feel free to contact Gloria Matlin for a private showing of this lovely east Glencoe property! More info HERE and HERE!
North Shore-Glencoe Market Action Reports indicate August 2012 Property sales were up 85.7% vs. August 2011 market conditions, and 52.9% higher than real estate data posted last month-July2012. August 2012 sales were at their highest level compared to August of 2011 and 2010 sales volume. August YTD sales ran 14.1% ahead of last year’s year-to-date sales outcome.
Prices
The Median Chicago-North Shore Sales Price in August down -12.2% from data compiled in August of 2011 and down -13.1% from last month’s reporting. The Average Sales Price in August was up 2.3% compared to August of 2011 and up 11.6% from last month’s real estate conditions. August 2012 ASP was at highest level compared to August of 2011 and 2010.
Inventory & MSI
The total Inventory of North Suburban Properties available for sale as of August was down -2.4% from last month and down -37.7% from August of last year. August 2012 Inventory was at the lowest level compared to August of 2011 and 2010 volume.
A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The August 2012 MSI of 3.1 months was at its lowest level compared with August of 2011 and 2010.
Market Time
The average Days On Market for Chicago North Shore property (DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a North Shore Buyer’s market, a downward trend a move towards more of a North Shore Seller’s market. The DOM for August was down -39.2% from 120 days last month and down -27.7% from 101 days in August of last year. The August 2012 DOM was at its lowest level compared with August of 2011 and 2010.
Inventory / New Listings / Sales
The photo above provides a view of the Chicago North Suburban market combining monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the North Shore-Glencoe market as well as the relationship between these items. The number of New Listings in August 2012 was up 8.7% from last month and up 13.6% compared to August of last year-2011.
The report above can be discussed and reviewed by any of our highly skilled, top performing Glencoe Coldwell Banker office Broker-Associates. Our office is located at 640 Vernon Ave in the heart of downtown Glencoe, Illinois-60022. We look forward to assisting you!
New Listing/Just Listed/For Sale/New on the market - 351 Adams Ave., #Glencoe..NEWER CONSTRUCTION, PERFECT FOR TODAY’S LIFESTYLE, MOVE RIGHT IN! See the North Shore property tour here http://ht.ly/cUsBP and additional information HERE as well as HERE. Contact Broker-Realtor Gloria Matlin for a private showing.
Come experience the amazing open floor plan with natural light filtering in from the abundance of windows all around. Hardwood oak floors are throughout this breathtaking home, along with crown moldings, detailed ceilings and recessed lighting. Feel free to stop by our Coldwell Banker Residential Real Estate office to enquire about this Chicago North Suburban property. We are located in the heart of downtown-640 Vernon Ave., Glencoe, Illinois-60022.
Real estate is great and so is celebrating the 4th of July on Chicago’s North Shore! This year’s July 4th holiday falls smack in the middle of the week, potentially causing getaways to get a little tricky, especially for those working a full-time job. Local North Shore sights, sounds and events may be the cure for a mid week holiday. Below are top rated ways to celebrate Independence Day, as well as a list of North Shore community happenings..Enjoy!
Find a Fireworks Show
Instead of driving neighbors and dogs crazy this year with at-home fireworks, attend a public display.
Shop ‘Til You Drop
There’s no better time to shop than on the 4th of July when North Shore retailers offer firework-worthy sales and other merchandise incentives; one of the best ways to avoid a battle with the crowd at the mall or outlet center:
Plan a Cook-out or Picnic
Take your family or significant other on a picnic, by a lake or at the park near your home. Prepare your own finger foods and side dishes with traditional 4th of July grub. Download a few printable games to pump up the fun, which may include Independence Day trivia and a scavenger hunt for the kids.
Get Active
Organize a fun day of softball at a local field or park with family and friends. Assign blue and red (or white) teams and request that members wear the appropriate colors. Otherwise, pick up some cheap tees, pack a cooler with beverages, sandwiches and snacks, and let the games begin!
North Shore real estate data for May 2012 shows, property sales were 9.1% higher than sales volume last year. May 2012 sales were at their lowest level overall compared to May of 2011 and 2010. May YTD North Shore sales ran -21.7% behind last year’s year-to-date sales data reports.
Prices
The Median Chicago North Shore Sales Price in May was $909,500, down -4.3% from $950,000 in May of 2011 and up 18.7% from $766,500 last month. The Average Sales Price in May was $954,375, down -28.2% from $1,328,833 in May of 2011 and up 5.2% from $907,227 last month. May 2012 ASP (average sale price) was at a mid range compared to May of 2011 and 2010.
Inventory & MSI
The Total Inventory of North Shore Properties available for sale as of May was down -27.5% from May of last year. May 2012 Inventory was at the lowest level compared to May of 2011 and 2010.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2012 MSI of 7.9 months was at its lowest level compared with May of 2011 and 2010.
Market Time
The average Days on Market (DOM) shows how many days the average North Shore Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for May was up 17.5% from 114 days last month and down -23.0% from 174 days in May of last year. The May 2012 DOM was at a mid range compared with May of 2011 and 2010 real estate reports.
Inventory / New Listings / Sales
‘The view of the market (see photo above) combines monthly inventory of Properties for sale along with New North Shore Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in May 2012 was up 22.2% from last month and in May of last year.
Our trusted Residential Real Estate office-Coldwell Banker, located in Glencoe, IL 60022; has been a community resource for well over 40 years. Stop in today to ask questions about this report and other data concerning North Shore real estate for sale, or rent. Our legendary service, top ranked volume, and experienced sales staff can be your summer guide.
Top North Shore real estate selling reports state that now in May 2012 the previous month of April; Property sales were down -21.4% from April of 2011 and 37.5% higher than North Shore sales last month. April 2012 sales were at a mid level compared to April of 2011 and 2010. April YTD sales of 35 are running -27.1% behind last year’s year-to-date sales recorded.
Prices
The Median Chicago North Shore Sales Price in April was $766,500, down -1.1% from $775,000 in April of 2011 and down -21.1% from $972,000 last month. The Average North Shore-Glencoe Sales Price in April was $907,227, down -15.4% from $1,071,804 in April of 2011 and down -44.9% from $1,645,063 last month. April 2012 ASP was at the lowest level compared to April of 2011 and 2010.
Inventory & MSI
The Total Inventory and (monthly supply inventory or MSI) of North Shore Properties available for sale as of April was down -10.1% from last month and down -24.6% from April of last year. April 2012 real estate Inventory was at the lowest level compared to April of 2011 and 2010.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2012 MSI of 8.1 months was at its lowest level compared with April of 2011 and 2010.
Market Time
The average Days On Market (DOM) shows how many days the average North Shore Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for April was down -10.9% from last month and up 1.8% from 112 days in April of last year. The April 2012 DOM was at its highest level compared with April of 2011 and 2010 real estate reporting.
Inventory / New Listings / Sales
The last view of the North Shore real estate market combines monthly inventory of Properties for sale along with listings and sales analysis. The graph above shows the basic annual seasonality of the market as well as the relationship between these items. The number of New North Shore Listings in April 2012 was 27, down -18.2% from last month and down -28.9% from April of last year reporting figures
Gloria Matlin can be found at the Glencoe, Illinois Coldwell Banker Residential Brokerage office located at 640 Vernon Ave, 60022. The office can provide detail on this and other market reports. Feel free to use us as a trusted resource for North Shore Real estate questions about homes for sale, homes for rent, or property financing options. We have been a top producing, top selling real estate example for well over 45 years.
A common North Shore occurrence….clients who buy a home and sell at the same time; it can be done, stress free! The all too important element that makes the North Shore real estate process seamless is using an experienced agent that can guide you through a well thought out plan.
There are hundreds of variables and the possibilities, depending on your local market and your personal and financial status. The main thing is to do as much of the buying and selling due diligence as you can up front. An experienced realtor can help with this.. Your agent can further ensure multi-transaction success by discussing these 5 tips:
2. Ready? List it! Depending upon your situation, you might want to list your property toward the higher end of its value range, once you’re actively in the market. This can buy you time while you shop for your next home. And who knows? You may get the home sold at a higher price point.
3. Do the fixes needed to do to sell your property. Is your kitchen right out of the 1970s era? Do you have a faucet that constantly runs? If so, get busy fixing the things that could cause your home to sit on the market longer than necessary or worse, affect your home’s value.
4. Start now– learning the market, begin house shopping. Use your North Shore realtor as your guide. Start going to open houses and seeing what’s out there. Begin the process of elimination and take note of what you want: the must-haves and the deal killers.
5. Start packing. Start boxing up stuff you don’t need easy access to. Get rid of all the things you won’t need until you’ve moved into your new home. This will help make your home show better and starting the packing process now will make it that much easier to move later. You may need to rent a storage unit temporarily for your stuff.
Our North Shore Coldwell Banker Residential Brokerage office located in Glencoe’s downtown area (640 Vernon Ave, 60022), can assist with buying and selling real estate questions. We also provide mortgage service resources and options. Visit us online 24/7 or stop by our office to speak with Gloria Matlin or any of our top ranked North Shore realtors.
