November 2012 Chicago North Shore-Glencoe property sales surged 50.0% based on volume figures from November 2011, and 33.3% higher than top sales last month. November 2012 sales were at their highest level compared to November of 2011 and 2010 data. November YTD sales ran 14.3% ahead of last year’s year-to-date sales reporting.
Prices
The Median North Suburban-Glencoe Sales Price in November was down -36.6% from sales data reported in November of 2011 and down -16.0% from last month. The Average Sales Price in November was down -37.6% compared to November of 2011 and down -31.6% from last month. November 2012 ASP (average sales price) was at the lowest level compared to November of 2011 and 2010 data.
Inventory & MSI
The Total Inventory of North Shore Properties available for sale as of November was down -5.2% from last month and down -27.7% from November of last year. November 2012 Chicago North Shore Glencoe Inventory was at the lowest level compared to November of 2011 and 2010. MSI is the number of months needed to sell all of the inventory at the monthly sales pace.
A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The November 2012 MSI of 6.1 months was at its lowest level compared with November of 2011 and 2010.
Market Time
The average North Shore 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 November was down -28.1% from last month and down -71.3% from sales history data in November of last year. The November 2012 DOM was at its lowest level compared with November of 2011 and 2010 figures.
Inventory / New Listings / Sales
The view of the market above combines monthly inventory of Chicago North Shore Glencoe 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 North Shore Listings in November 2012 was down -14.3% from last month and up 100.0% from November of last year outcomes data.
Gloria Matlin, a North Shore Chicago Broker/Agent with a compelling 25+ year record of sustained real estate results; can be found in the Coldwell Banker Residential Real Estate office located in prestigious downtown Glencoe, Illinois-60022. Visits are encouraged to discuss market reports, sales, figures, ranking, predictions, conditions, insight, even holiday community events.
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!
On Chicago’s North Shore Real Estate options like “pocket listings” or exempt listings have become a more mainstream option for quietly marketing a home for sale. If you haven’t already heard of these popular real estate terms, you probably will. Here is what you’ll need to know as a North Shore home buyer or seller about this fast growing type and a few examples to review:
Also known as a “quiet” or “off-market” or “exempt listing”, a pocket listing is a real estate property that an agent keeps tucked away. Though the seller may have a signed listing agreement with a real estate agent/broker, the property for sale isn’t officially listed in the MLS. Other traditional forms of marketing may be downplayed, too.
Example of a North Shore off-market property currently for sale:
Exempt or Pocket listings- what they mean for buyers and sellers
If you’re a North Shore seller, you may consider testing the waters with a pocket or exempt listing, even if it’s just for a week or two.
For buyers, it’s important to work with a local Chicago North Suburban agent who has established relationships with other agents in the community. That way, you can be certain that you’ll be made aware of all potential North Shore homes for sale.
Coming Soon 2524 Augusta Way:
Contact Gloria Matlin for a private showing for any of these North Shore exempt properties. 847-835-6058
Across the nation and here on Chicago’s North Suburban Shore the question is still swirling…has the real estate market really turned a corner? 4 primary factors indicate the answer is YES!
1. Foreclosures
The rate of homes foreclosed continues to decline in June with 5.8 out of every 10,000 homes in the country being liquidated. This is the lowest foreclosure pace we’ve seen since December 2007 when 5.5 out of every 10,000 homes were being liquidated. Nationally, foreclosure re-sales also continued to slow, making up 15.6% of all sales in June, down from 16.4% in May. This lower level of foreclosure re-sales is contributing to home value appreciation, as these are usually sold at a discount and influence surrounding non-distressed sales.
2. Rents
The June Zillow Rent Index (ZRI) is up 5.2% from year-ago levels, and 68% of the 293 metropolitan areas including North Suburban Chicago, experienced year-over-year gains. Markets that saw extremely strong year-over-year rent increases including Chicago (11%) are evidence that the prediction of continually rising rents will escalate consumer demand for home purchases, especially in this low mortgage rate environment.
3. Home Values
Nationally, according to various sources and forecasts home values reached their bottom in February of 2012 and have since appreciated at very robust monthly growth rates. The Zillow Real Estate Market Reports cover 167 metropolitan areas including the Chicago metros, which included the North Suburban communities- of which 98 showed quarterly home value appreciation. Overall, national home values are back to January 2004 levels, having fallen 22.9% since their peak in May of 2007.
4. Outlook
Nationally and locally, it is believed that housing has finally turned a corner, and the forecast calls for U.S. home values to increase by 1.1% over the next year! More info HERE
For an in-depth review of this or similar topic, feel free to stop by our Coldwell Banker Residential Real Estate brokerage office. Any of our high performing real estate professionals can guide you. We are located at 640 Vernon Ave, Glencoe, IL-60022.
Additional signs that the Chicago North Shore market continues to strengthen — June 2012 home sales surged 18% over sales volume produced in June 2011; per data released by the Illinois Association of REALTORS this week®.
According to NSBAR and Midwest Real Estate Data, new listings in the North Shore region decreased 7.7%, Listings Under Contract were up 42.4%, and Inventory levels shrank 30.9% (see photo below). Statewide home sales (including single-family homes and condominiums) in June 2012 totaled 13,111 homes sold, up 18.0 percent from 11,108 home sales volumes in June 2011. This was the best June performance since 2010 when 13,144 homes were sold in Illinois. (Click to enlarge photo)
As an ongoing enticement, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.67 percent in June 2012, down from 3.83 percent during the previous month, according to the Federal Home Loan Mortgage Corp; last year in June it averaged 4.53 percent.
More than half of Illinois counties reporting including Chicago’s North Suburban areas, (57 of 101) showed year-over-year home sales increases in June 2012. Fifty-three (53) counties ranked, showed year-over-year median price increases including Cook, up 1.1 percent.
On Chicago’s North Shore we see that the combination of affordable pricing and even lower interest rates resolved prospective homebuyer’s top concerns and possible apprehensions.more buyers are coming off the fence and make decisions today about their North Shore investment in homeownership. Overall the state housing market seems to have taken a positive performance turn as supported by Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “The current market seems to be operating more normally with perhaps some effects of the significant number of foreclosed-distressed properties that are for sale.” (Click to enlarge photo)
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 July 7, 2012 for the period June 1 through July 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.
Find Illinois housing data for July through August 2012 and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.
Our North Shore Coldwell Banker Office located at 640 Vernon Ave in downtown Glencoe, Illinois-60022, can be a source to further review the reports indicated above and similar data. Any of our high performing real estate staff can assist you!
Here on Chicago’s North Shore we are seeing a slight decline of available real estate inventory, but still a steady volume of homes on the market at amazing price points, with enticing rates. The variables have created an influx of ready buyers and sellers prepared to list. So the question presents itself to both groups…Are you in the right house?
Below are five indicators that a particular home you’re viewing might be “The One” – the property on which you’ll want to place an offer or know to look for during a search:
You lose interest in seeing any other homes. When you find “The One,” continuing the house hunt planned for months, even years, starts to seem silly, like a waste of energy for some buyers or sellers. Sometimes your intuition just calls out, and you know when you’ve found the perfect North Shore property.
Almost instantly, you feel possessive about it. Not only can the winning home bring a smile to a buyers face, that immediate need to start the buying process or work on the offer paperwork may be the sign. If you walk through a place and leave wondering how quickly you can get your offer in, how much you’d offer to beat someone else out, or what you can do to lock it down quickly, it might be “The One.”
You start to envision your own, furniture, decor, daily activities or remodeling choices in/to the home.They say that the best staging helps prospective buyers envision their own idealized lives taking place in the staged home. But whether or not a property is staged, if you find your mind’s eye Photoshopping a given property to insert your own living style and favorite wall hangings into place in the dining room, and your daily meditation process in the all-season room –– it’s possible that the home you’re in could be “The One”.
You start to rationalize obvious flaws. Train tracks 10 feet from the bedroom window? Next door neighbor that runs a pigeon-sitting service? Okay – an awful exaggeration. But if you find yourself viewing a home with traits that you would normally deem undesirable or as deal-killers, yet you like the place so much that you instinctively compile a mental list of reasons those traits seem minimal, you might have found “The One.”
The bathroom and kitchen are appealing. Generally speaking, other people’s kitchens and bathrooms may hold gross-out potential. There’s just something about what goes on in those rooms that seems exceptionally intimate and even unsanitary. So, if you happen to find yourself falling in love with a home’s slate shower floor or swooning over the pot-filler over the stove and the built-in cookbook stand on the countertop, that’s a sign that you’re falling head over heels with a North Shore home that might just be “The One.”
We can help find the house “The One” property that will make all your North Shore real estate dreams come true. Visit our Coldwell Banker North Shore Residential Real Estate office, located at 640 Vernon Ave in downtown Glencoe, Illinois 60022. Any of our top performing real estate agents can show you why Chicago’s North Suburban area is a source to find “The One”. More info HERE and HERE
In the spirit of Father’s Day on Chicago’s North Shore and real estate near and far; advice that may come from Dad regarding life, money and real estate investing..
Do the math. Then do it again.. home purchase prices, various appreciate rates and rental income scenarios, interest rates, opportunity costs, vacancy buffers, landscaping and maintenance, insurance — every single line item goes into the hopper.
Have an exit strategy — and your backup A,B,C plans — before you buy. If you’re buying a North Shore home or any home to live in, Dads might say not to even start your house hunt without knowing how long you expect to be there and what your next move will be. In this way, you can be sure to buy a home that will work at least as long as your plan A is in effect. Of course, even the best-laid plans can be foiled by forces beyond your control, so Dads are big on putting plans B, C and on down the alphabet in place upfront, and not making the buy until you have accounted for these various outcomes.
Buy it right. Whether you’re hoping to buy a personal residence that appreciates over time or you’re investing in the market, Dads may say to buy at a price you can afford.
You won’t win them all. Striving for a perfect investment record of profits on top of profits is great, but it belies the reality of life that little is perfect. The more mature approach, a Dad’s approach, is to be grateful for the lifestyle of a homeowner and the returns of a real estate investor, understanding that the occasional investment may not go as planned. Having a seasoned real estate professional as a guide will help. More info HERE
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
Property Sales
