The Median Chicago/North Shore-Glencoe Sales Price in February was up 144.8% compared to real estate data totals in February of 2012 and up 65.6% from figures reported last month. The Average Sales Price in February was $1,550,000, up 111.5% compared to February of 2012 and up 101.0% based on real estate totals last month. February 2013 North Suburban Glencoe ASP (average sales price) was at highest level compared to February of 2012 and 2011.
Property Sales
February Chicago North Shore-Glencoe Property sales were down -50.0% in February of 2012 and -50.0% lower than sales last month. February 2013 sales were at their lowest level compared to February of 2012 and 2011. February YTD sales are running -25.0% behind last year’s year-to-date sales reporting figures.
Inventory & MSI
The Total Inventory of Properties available for sale on the North Shore of Chicago-Glencoe as of February was up 11.3% from last month’s market action report totals and down -33.0% compared to February of last year. February 2013 North Shore Inventory was at the lowest level compared to February of 2012 and 2011.A comparatively lower MSI is more beneficial for North Suburban sellers while a higher MSI is better for North Suburban buyers. The February 2013 MSI of 17.3 months was at a mid-range compared with February of 2012 and 2011.
Market Time
The average Days on Market (DOM) shows how many days the average North Shore-Glencoe 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 February was up 97.4% compared to last month and down -10.2% from calculated days in February of last year. The February 2013 DOM was at a mid-range compared with February of 2012 and 2011.
Inventory / New Listings / Sales
The summary image above of the Chicago North Shore view of the market 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 Glencoe Listings in February 2013 was up 20.0% from last month and up 25.0% from February of last year.
Gloria Matlin, recognized nationally as a top 1% performer, and a trusted Chicago North Suburban Realtor/Broker offering over 25 years of professional expertise. Her office, located in the heart of downtown Glencoe-640 Vernon Ave-60022.; is a top ranking resource with over 45 years of reliable service, reporting, analysis, forecasts and community resources. Stop in today to discuss this market action data, or similar North Shore real estate market condition outcomes.
It is no surprise that a fresh start at the beginning of the spring season for some means they are ready to finally put their North Shore house on the market and/or start looking for a new Chicago-North Suburban place to call home.
Spring is commonly the time when everyone awakens from the routine of winter and is often motivated to start something new. Below are4 reasons plus 1 tip on why spring can be the ideal time to get moving on buying, selling or both on the North Shore:
1. A house on the market at the beginning of spring sets you up for a perfect timeline to move over the summer! The weather is most likely to cooperate with you during this time. A summer move is also ideal for those who have families where it is better not to disrupt the children during the school year – especially if you’re moving school districts; this will allow them to have a fresh start at the beginning of a brand new school year.
2. Uptick in traffic at open houses means increased probability of a sale. Let’s face it; people don’t generally like to leave the comfort of their warm homes on a Sunday afternoon when it’s too chilly outside.
3. Houses look more appealing in the sunlight with nice curb enhanced greenery and/or flowers out front. Curb appeal is important year round. The spring shines a light on a home’s appearance literally and figuratively. It’s a little easier to make repairs to a home when the weather is mild. Spring is the time to finally stop putting off the little projects that have been building up through the winter. Fix that broken step banister put a fresh coat of paint on that chipped garage door, it can make the difference and have bearing on a buyer the moment they approach a home.
4. Take the fix-up projects a step further….There is certainly no better time to de-clutter than with the windows open for the first time after winter! Deciding to sell might be that extra push you need to finally get rid of those old clothes or an over abundance of toys. More tips and guides HERE and HERE
IMPORTANT TIP:
Find a good Chicago North Suburban Realtor/Broker. Local North Shore luxury real estate agents offer insight you won’t always find online or through a listing/ad. Gloria Matlin has kept a pulse on the market and knows the North Shore communities with over 25 years of experience. Let her be your guide, and make your real estate dreams a reality for Spring 2013. Stop in her Coldwell Banker Residential Real Estate office, located at 640 Vernon Avenue in downtown Glencoe, Illinois-60022-for additional information and superb service/attention.
The North Suburban area became popular with the affluent wanting to escape urban life, beginning after the Great Chicago Fire, and grew rapidly before and just after World War II. Large estates were built, along with lavish homes with well established architects. North Shore-Glencoe remains one of the most sought after and highly educated areas in the United States.
The term Chicago North Shore became common for businesses in numerous nearby inland Chicago suburbs. in the Evanston, Maine, New Trier, Niles and Northfield Townships and in southern Lake County, Illinois, it was common to name themselves “North Shore,” and for real estate and other marketers to use the term for North Shore communities as a frame of location; which caught on and became a confirmed reference to the area. More information HERE and HERE
On Chicago’s North Shore and around the country, relocating has become more common. Some relocate for work, have decided to move somewhere for greater lifestyle access, or are looking for a change of scenery. You may be faced with buying a home in a city that is not only unfamiliar, but in an area larger than anticipated. If you are a real estate investor or frequent vacationer, you might also be looking to buy property far from home base. Of course, buying real estate anywhere other than your current city presents a unique set of circumstances. Here are 4 tips for getting to the end goal….Relocation success!
1. Get a North Shore Real Estate Agent Look for an experienced North Suburban Realtor/Broker in your intended village/city. Because of possible unfamiliarity with the area and the other unique challenges of not buying locally, you want to work with a professional who really knows what they’re doing. You may even be able to find an agent who specializes in helping people who are relocating, and who will be acutely aware of both your unique requirements and their ability to educate you about the local North Shore real estate market. You want a professional who can steer you toward exceptional neighborhoods and an ideal fit to with your lifestyle and overall needs.
Make sure you fully inform the North Shore real estate agent about your situation. For example, what is your moving timeframe? When will you be able to visit the area? Can the agent set aside a day to show you numerous North Shore properties while you’re in town? More than likely you’ll have limited time to view properties in person, and you’ll need someone who can help you organize and maximize your time. An experienced, high performing North Shore Realtor can do just that.
2. Get familiar with Possible North Shore Neighborhoods All the usual criteria will also apply when searching for the right North Shore neighborhood – affordability, school quality, proximity to work, etc. The specific neighborhood you choose should reflect your current needs and lifestyle requirements.
3. Get Familiar with the Local North Shore Real Estate Market Take advantage of all the resources available to you, including your Chicago North Shore real estate agent, in-person visits, chats with local residents, and online real estate reports, data, research, and listings to learn about your new digs. Ask lots of questions of your realtor, they are a wealth of market conditions information.
4. Don’t Avoid an In-Person Visit And finally, once you’ve decided what you want, reviewed your must have list with your North Shore Realtor, done all your research, or found a few potential properties, you’re ready to get serious about taking the next steps and ultimately making an offer. But make sure you visit the homes in person at some point. Buying a home sight unseen can be tricky. No matter how much you trust your real estate agent’s sound judgment, the only person who really knows if you will like a particular property is you. More info HERE and HERE.
As a certified Cartus Relocation Specialist, Gloria Matlin helps out of area buyers and sellers find the perfect North Shore property to call home..On the Go? Move with Glo! She understands that moving/relocating can be an overwhelming and emotional endeavor. She prides herself on her North Shore community knowledge, involvement and; embracing the newest real estate tools/trends that keep her in the forefront so she can be there for her buyers-sellers 24/7.
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!
Reports reflecting Chicago North Shore real estate market action in October show sales were down -25.0% from October of 2011 data and -10.0% lower than sales figures last month. October 2012 North Shore housing sales were at their lowest level compared to October of 2011 and 2010 conditions. October YTD sales are running 11.9% ahead of last year’s year-to-date sales volume.
Prices
The North Suburban Chicago Median Sales Price in October was down -18.9% from October of 2011 and up 25.8% from last month. The Average North Shore Sales Price in October was up 17.4% compared to October of 2011 data and up 47.9% based on real estate analysis from last month. October 2012 ASP was at highest level compared to October of 2011 and 2010 North Shore homes for sale.
Inventory & MSI
The total North Shore Chicago Inventory of Properties available for sale as of October 2012was down -8.5% from last month’s data and down -31.8% from figures calculated in October of last year. October 2012 North Shore real estate Inventory was at the lowest level compared to October of 2011 and 2010 trends.
A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The October 2012 MSI was at its lowest level compared with October 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 October was up 21.9% from last month’s compiling data and down -20.5% in October of last year. The October 2012 DOM was at its lowest level compared with October of 2011 and 2010 closed sales data.
Inventory / New Listings / Sales
‘The link/image above shows the market data combining monthly inventory of North Shore Properties for sale along with New Listings and Sales along the North Shore of Chicago. The graph shows the basic annual seasonality of the North Shore real estate market as well as the relationship between these items. The number of New Listings in October 2012 was up 16.7% from last month’s formulated data.
Gloria Matlin, based in the high ranking downtown Glencoe, Illinois Coldwell Banker office; can help answer questions on North Shore Chicago real estate reports, conditions, outcomes, forecasts, and calculations. Feel free to stop in.
Steady, stabilizing Chicago-North Shore area real estate data just released for May-2012, shows home sale performance was the best since 2007 figures. Year-over-year median sales prices moved into positive territory in the Chicago area for the first time in more than four years, per figures released by the Illinois Association of REALTORS®.
Additionally an ongoing incentive for North Shore buyers, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore-Central region was 3.83 percent in May 2012, down from 3.89 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in May it averaged 4.67 percent. Additional mortgage rate detail for the area can be seen in the NSBAR-North Shore-Barrington Association of Realtors figures below (click to enlarge):
More than half of Illinois counties reporting (59 of 100) showed year-over-year home sales increases in May 2012. Fifty-one (51) counties including Chicago’s North Shore area showed year-over-year median price increases including Cook, up 3.0 percent.
Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois states: “For the first time since the recession began, median house prices are increasing on an annual basis and are forecast to continue this trend through the end of the summer. The weaker than expected job figures for the last few months appear not to have affected the housing market; inventories are down, sales volumes are up and the pending sales index is at its highest point since 2008.” Statistical data created by NSBAR supports the current trend of decreased inventory with increased demand for North Shore real estate. The figure below represents the ratio of houses for sale volume vs. the number of North Shore homes sold or sales volume. The higher the S/D (supply/demand) ratio, the more supply there is in relation to demand (click to enlarge):
The statewide home sales figures (including single-family homes and condominiums) in May 2012 totaled 11,984 homes sold, up 22.1 percent from 9,815 home sales in May 2011. This was the best May performance since 2007 when 14,493 homes were sold in Illinois. Specifically on Chicago’s North Shore first time home buyers, investors, as well as buyers making a move up are experiencing ongoing low interest rates and exceptional pricing. Rental supply of homes appears to be dropping, with the rate of rent increasing. Once indecisive buyers are making a move and getting back into the real estate market, ready to buy NOW!
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 June-July 2012 for the period May 1 through May 31, 2012. 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.
Use our North Shore Coldwell Banker Residential Real Estate office as a source of information and a guide for real estate statistics, reports, analysis, trends, outcomes, and overall insight for North Shore markets. We are located at 640 Vernon Ave in downtown Glencoe, Illinois 60022. Any of our top performing real estate professionals can assist you.
One of the single most important factors to consider when selling North Shore real estate or any property is the home price tag: how much your house is worth. It’s part art and part science, and often no two agents price property the same way. Having an experienced, top performing North Shore real estate agent as a guide certainly provides an edge, but knowing some basics will help shed light:
1. Area competition should be examined. Just how many other North Shore houses are for sale in your area? Are you competing against new or newer homes?
2. Remember comparables. What have other homes in your North Shore neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?
3. Opt for an appraisal. For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact The Appraisal Institute or ask your North Shore REALTOR® for some recommendations.
4. Advice from a lender. Since most buyers will need a mortgage, it’s important that a home’s sale price be in line with a lender’s estimate of its value.
5. Accuracy is key. Studies show that homes priced more than 3 percent over the correct price take a longer time to sell.
6. Contingencies should be considered.Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in one month or four months?
7. Think about what you’ll take. It’s critical to know what price you’ll accept before beginning a negotiation with a buyer.
Feel free to visit our Coldwell Banker Residential Real Estate office for resources concerning your homes worth, or lender options. We are located at 640 Vernon Ave in Glencoe, Illinois-60022, part of Chicago’s North Shore community. You can also request an evaluation at www.gloriamatlin.com
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.
Prices
