Glencoe-North Shore Market Trends: Update August-September2012

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Sustained progress! North Shore-Chicago August 2012 real estate home sales hit a top surge of 23.7% over previous year volume data, part of a 14-month continual run of sales increases based on figures recently released by the Illinois Association of REALTORS®.

More than half of Illinois counties reporting, including Cook and Lake showed year-over-year home sales increases in August 2012. In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in August 2012 totaled 9,240 homes sold, up 28.5 percent from August 2011 sales of 7,188 homes.

Statewide home sales including North Suburban Chicago, (including single-family homes and condominiums) in August 2012 totaled 13,264 homes sold, up from 10,721 home sales in August 2011. IAR has seen year-over-year increases since July 2011, and the data reflects a 7 percent gain over July 2012’s sales of 12,392 units.

Signs of a turn-around continue to be a solid reality on Chicago’s North Shore, with homes selling and prices increasing/stabilizing. Listings under contract in the North Shore region were up 47.1%. Inventory levels shrank 31.4%.  Market times were down 14.6%. Mortgage rates appear to sustain buyer and seller appeal with historic lows. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the Chicago North Suburban-North Central region was 3.60 percent in August 2012, up from 3.54 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last year in August it averaged 4.26 percent. This information is supported and displayed in the figure below care of the North Shore-Barrington Association of Realtors and MRED (click to enlarge):

Among trends emerging in August was how foreclosed/distressed properties are beginning to work through the court system stated Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. He added the data suggests foreclosure resolutions are now “clearing the market more rapidly than new additions.”  Again, this information is supported and displayed in the figure below care of the North Shore-Barrington Association of Realtors and MRED (click 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 Sept-October 2012 for the period Aug. 1 through Aug. 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.

Find Illinois housing stats, data and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.

Real Estate Outcomes August2012: Chicago’s North Shore

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Property Sales

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!

Glencoe Garage Sale 2012-Visit our North Shore Real Estate Office for Details!

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Glencoe, Ill will be the location for the annual Chicago North Shore garage sale, Sunday September 9th between 10-am to 4pm. Sign up by September 5th to reserve a garage sale kit!  Sign up will be done at 640 Vernon Ave- Coldwell Banker Residential Real Estate office. Call 847-835-0236 or 847-727-8700 for additional details!

Remember these top 5 garage sale tips:

 

Tip 1:

Garage sales can be a great way to get rid of clutter and earn a little extra — especially before buying or selling a home.

Tip 2:

Don’t wait until the final hour. Depending on how long you’ve lived in the home and how much stuff you have to sell, planning a garage sale can demand some prep and setup time.

Tip 3:

See if neighbors want to help or join in. You can turn your garage sale into a block-wide event and lure more shoppers if you team up or talk with your neighbors.

Tip 4:

Create an organized display. Lay out items by category, and display neatly so customers don’t have to struggle to find goods. They will appreciate the thoughtfulness and may return in kind with multiple items to purchase.

Tip 5:

Have  bags and newspapers handy. People who buy many small items will appreciate a bag to carry their goods. Newspapers are ideal for wrapping fragile items.