Glencoe-North Shore Market Trends: Update July-August2012

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Illinois-Chicago’s North Suburban real estate home sales surged 25.5 percent over previous year closed volume and closed sales, indicated by recent housing reports released by the Illinois Association of REALTORS®. More signs that the local North Shore area and state’s housing market are continuing to strengthen.

In the nine-county Primary Metropolitan Statistical Area (PMSA), including Chicago’s North Shore Cook County and Lake County, home sales (single family and condominiums) in July 2012 totaled 8,551 closed sales, up 29.1 percent from July 2011 sales of 6,624 homes. This was the best July performance since 2007 when 14,735 homes were sold in Illinois.

A steady momentum first seen in Jan-June of 2012 is projected to continue well into the remaining portion of this year.  Once again, low interest rates and attractive home prices sustain the North Shore real estate market, a sign of continued growth and strength. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 3.54 percent in July 2012, down from 3.67 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last year it averaged 4.59 percent. Low inventory rates must be noted as a factor, as this has created a competitive aspect to the North Shore housing market. Inventory levels shrank 30.1 percent to 3,951 units in the Chicago North Shore areas. The image below shows the number of homes available for sale vs the number of homes sold. This information is provided by NSBAR-North Shore Barrington Association of Realtors and MRED-Midwest Real Estate Data LLC (click photo to enlarge):

More than half of Illinois-North Shore counties including Cook reported year-over-year home sales increases in July 2012. New Listings in the North Shore-Barrington region increased 6.3 percent to 1,075. Listings Under Contract were up 43.8 percent to 686. Prices moved higher. The Median Sales Price increased 5.0 percent. Market Times were down 7.1 percent. The supply/demand balance stabilized as Months’ Supply of Inventory was down 44.7 percent to 7.4 months (click photo to enlarge):

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 August  2012 for the period July 1 through July 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.

Broker-Associate Gloria Matlin, calls the Coldwell Banker office in Glencoe, Illinois home. This top ranked, best performing, location can be found at 640 Vernon Ave within the downtown center.

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New Listing – 351 Adams Ave., Glencoe.-Chicago North Shore Real Estate

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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 Outcomes July2012: Chicago’s North Shore

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Property Sales

North Shore real estate data compiled for July 2012, reported property sales up 70.0% from July of 2011 and -22.7% lower than sales in the month of June2012. July 2012 sales were at their highest level compared to July of 2011 and 2010. July YTD sales are running 2.4% ahead of last year’s year-to-date volume figures.

Prices

Chicago’s North Suburban Median Sales Price in July was up 83.1% based on 2011 data and down -12.3% from last month. The Average Sales Price in July2012 was up 43.1% based on 2011 reports and down -13.5% from last month. July 2012 ASP was at a mid range compared to July of 2011 and 2010.

Inventory & MSI

The Total Inventory of Properties for Chicago’s North Shore-Glencoe, available for sale as of July was 79, down -8.1% from 86 last month and down -42.3% from 137 in July of last year. July 2012 Inventory was at the lowest level compared to July of 2011 and 2010.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The July 2012 MSI of 4.6 months was at its lowest level compared with July 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 North Shore Buyer’s market, a downward trend a move towards more of a North Shore Seller’s market. The DOM for July was 120, up 25.0% from 96 days last month and up 69.0% from 71 days in July of last year. The July 2012 DOM was at its highest level compared with July of 2011 and 2010.

Inventory / New Listings / Sales

The picture above provides a view of the market combining monthly inventory of North Shore Properties for sale along with New North Shore Listings and Closed Sales. The graph shows the basic annual seasonality of the North Shore market as well as the relationship between these items. The number of new North Shore-Glencoe Listings in July 2012 was 23, down -4.2% from 24 last month and down -32.4% from 34 in July2011 of last year.

With over 45 years of reliable and unparalleled service, any of our North Suburban-Glencoe real estate agents and/or brokers can assist you. We are located in the main downtown area of Glencoe, IL-640 Vernon Ave, 60022-Coldwell Banker Residential Real Estate office.