Has the Housing Market Turned a Corner?-Chicago’s North Shore Real Estate

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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.

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Glencoe-North Shore Market Trends: Update July-August2012

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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!

Real Estate Outcomes June2012: Chicago’s North Shore

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Property Sales

June 2012 North Shore real estate reports show property sales top off at 40.0%; 61.5% higher than sales produced in June 2011.

 

Prices

The Chicago North suburban Median Sales Price in June was down -35.3%, compared to June of 2011. The Average Sales Price for North Shore-Glencoe in June was $1,123,145, down -6.0% from $1,194,607 in June of 2011 and up 23.7% from $907,885 last month. June 2012 ASP was at a mid range compared to June of 2011 and 2010.

Inventory & MSI

The Total Inventory of North Shore properties available for sale as of June was down -18.1% from last month, and down -30.6% in June of last year. June 2012 Inventory was at the lowest level compared to June of 2011 and 2010.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for buyers. The June 2012 MSI of 4.1 months was at its lowest level compared with June of 2011 and 2010 reporting volume.

Market Time

The average Days on Market (DOM) shows how many days the average Chicago 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 June was 96, down -23.8% from 126 days last month and down -33.8% from 145 days in June of last year. The June 2012 DOM was at its lowest level compared with June of 2011 and 2010.

Inventory / New Listings / Sales

‘The photo provided of the overall real estate market conditions, combines monthly inventory of Properties for sale along with New Listings and property sold vaules. The graph shows the basic annual seasonality of Chicago’s North Shore market as well as the relationship between these items. The number of New Listings in June 2012 was down -27.3% from last month and up 33.3% in June of last year’s reporting.

Glencoe’s Coldwell Banker Residential Real Estate office can provide guidance on this and similar North Shore real estate data.  Any of our high performing real estate agents can assist you. Stop in today for a free assessment- 640 Vernon Road, Glencoe, IL 60022!

Just Listed -716 Sycamore Ln., #Glencoe.

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Are You in the Right House? 5 Questions to Ask Yourself-North Shore Real Estate

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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

New Listing – 1020 Bluff Rd., #Glencoe-North Shore Real Estate

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