Glencoe-North Shore Market Trends: Update March-April2013

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Great News! Home sales statewide, including Chicago North Shore have posted monthly year-over-year volume gains since July 2011; per information recently released by the Illinois Association of REALTORS®.

So far North Shore sales volume has been encouraging. The first two months in a year are traditionally slower in terms of real estate progress, but this year to date the market is off to a robust start. North Shore Market appeal is strongly supported by ongoing attractive mortgage rates and ideal turn-around time-frames for sellers; a win-win combination for all involved in the Chicago North Shore real estate transaction process. The future looks bright for April 2013 North Shore home sale projections.

Station-NorthShore

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore-North Central region was 3.49 percent in February 2013, up from 3.40 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last February it averaged 3.91 percent. In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in February 2013 totaled 5,935 homes sold, up 20.2 percent from February 2012 sales of 4,936 homes.

Forty-seven (47) of 102 Illinois counties reporting to IAR including the North Suburban area showed year-over-year home sales increases in February 2013. Lake, up 7.4 percent Cook, up 4.7 percent.

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 March 7, 2013 for the period Feb. 1 through Feb. 28, 2013. 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.

The Illinois Association of REALTORS® is a voluntary trade association whose 41,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.

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

The Importance of Seasonal Curb Appeal-North Shore Real Estate

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Spring starts off with a bang on Chicago’s North Shore!  Home prices are on the rise and inventory levels are decreasing. This may be one of the best times in history to sell,  invest or go on vacation for spring break…you decide the order. To help get your home in tip-top shape, below are 4 easy ways to make your home stand out from the rest. Your property should get noticed for all the right reasons the moment someone passes in front of or past the threshold:

1. Focus on your front door: Updating your door’s handle and deadbolt set with a modern-looking option is a great visual upgrade, and it can be a practical improvement, too. While you’re at it, see if your doorbell, light fixtures and the door’s kick plate could be replaced. And be sure to glance up to check for cobwebs on the front porch.

2. Be the visitor: Stand at the end of the driveway and try to view the home as a buyer or visitor would. Are there oils stains in the driveway? Is there mold on the mailbox? Grime on the front door? Thoroughly clean your home’s exterior. Clean your siding, foundation, patio, walkways, driveways, stairs, decks and porch. Take a bucket and scrub brush to your front door, mailbox and any other areas that need gentler cleaning.

3. Don’t forget your fence: A homeowner may get used to looking at the back fence and not notice discoloration from water and sun. Give it a glance and plan for an update in paint or materials if needed.

4. Use plants, pots, or wreaths in cool colors, and keep them low-maintenance: People will react in a visceral, emotional way to hot colors, such as reds and yellows, it’s best to stick with a cool palette. Use blues, purples, light pinks and whites. Those colors will also make the home look cooler in warmer weather.

More information HERE

Real Estate Outcomes February2013: Chicago’s North Shore

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GloFeb2013-1Prices

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.