Glencoe-North Shore Market Trends: Update June-July2013

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The best in 6 years! North Shore Chicago, Illinois home sales increased 24.4 percent over previous-year volume in May and median prices increased 6.9 percent based on recent market action reporting from the Illinois Association of REALTORS®. This update represents the 23rd consecutive months of year-over-year sales increases in the north suburban Chicago area and the strongest May since 2006 when 17,622 homes were sold statewide.

Within Chicago’s North Shore, buyers are still highly motivated and steadily increasing housing market figures. Home prices reflect the strong demand and high sales results, approaching pre-recession status, a stable sign that the market has rebounded. In addition, despite a slight increase the average commitment rate for a 30-year, fixed-rate mortgage for the North Central region at 3.55 percent in May 2013, up from 3.42 percent during the previous month; the rates are still appealing compared to Last May when they averaged 3.83 percent. Information provided by the Federal Home Loan Mortgage Corp. Lastly, it is important to highlight that market time within the North Shore area and throughout the state dropped substantially in May with listings averaging 69 days until sale, a 25 percent drop compared to 92 days in May 2012.  See supporting data in the image below from The North Shore Barrington Association of Realtors and Midwest Real Estate Data LLC (click to enlarge):

ListPriceData-May2013

 

According to Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois, “all the indicators point to a strong three-month period of growth, even in median prices. Mortgage rates are starting to inch upwards but the rates are still attractive enough not to dampen the momentum”.

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Fifty-nine (59) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in May 2013. Forty-nine (49) counties showed year-over-year median price increases including North Suburban Cook, up 9.4 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 June 7, 2013 for the period May 1 through May 31, 2013 and into June and July of 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.

As a trusted real estate resource on the North Shore’s of Chicago for well over 25 years, Gloria Matlin provides timely market updates like the above blog post each month. Follow this blog for ongoing market action reports, history and real estate conditions analysis, North Shore homes for sale, North Shore homes for rent, recent sales, as well as Chicago Northern Community-places to go, things to do and top rated events.

Have a great 4th of July Holiday!  More holiday and summer events on the North Shore of Chicago can be found HERE and HERE.

 

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4 Hazards of Selling Your Home Without a Real Estate Professional

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Fantastic advice from this top performing Florida based real estate team. In most cases a real estate agent is the best resource for property transactions on Chicago’s North shore and across the nation. Look to Gloria Matlin for help in buying, selling, renting, or simply attaining more information on real estate processes on the North Shore of Chicago. Gloria calls Glencoe’s high producing Coldwell Banker Residential Real Estate office home (640 Vernon Ave, 60022). Stop in for guidance and the best possible service. More information HERE and HERE

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4 HAZARDS OF SELLING YOUR HOME WITHOUT A REAL ESTATE PROFESSIONAL:

BE SMART… 

When real estate markets are on the upswing, it’s common for sellers to get creative and look for new ways to turn a profit. Some cash-saving measures, like competitive pricing and high ROI renovations, are great tools for getting the most from a deal. Others, like selling without an agent, can turn into both costly and painful mistakes.

If you’re considering listing and selling your home without a licensed real estate professional, here are 4 modern hazards you should consider before you decide to go at it alone:

1.  Passed up Profits 

Even in some of today’s most humdrum housing markets, most neighborhoods are seeing big changes. Inventory, interest rates, and a barrage of other factors are constantly altering the answer to the big question, “What’s the right price for my home?”

Fact: Homes sold using an agent sold for 20 percent more than those sold by the owner*. 

To…

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Real Estate Outcomes May2013: Chicago’s North Shore

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GloMayReport-2013Property Sales

Chicago North Suburban-Glencoe May Property sales were up 17.4% compared to top volume reports in May of 2012 and 13.7% higher than market action results last month. May 2013 North Shore real estate sales were at their highest level compared to May of 2012 and 2011 conditions. May YTD sales are running 26.0% ahead of last year’s year-to-date sales performance.

Prices

The North Shore Median Sales Price in May was down -1.6% from figures produced in May of 2012 and up 2.0% from last month. The Average Sales Price in May was down -2.4% from totals generated in May of 2012 and up 3.0% from last month. May 2013 ASP (average sales price) was at the lowest level compared to May of 2012 and 2011.

 

Selling Price vs. Listing Price

The North Shore Selling Price vs. Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a North Suburban Buyer’s market exists, a ratio at or above 100% indicates more of a North Suburban Seller’s market. The May 2013 Selling Price vs. List Price of 95.8% was up from 95.5% last month and up from 93.2% in May of last year.

Inventory & MSI

The Total North Shore-Glencoe Inventory of Properties available for sale as of May was down -3.1% from last month and down -38.8% from totals reported in May of last year. May 2013 Inventory was at the lowest level compared to May of 2012 and 2011 historical real estate data.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The May 2013 MSI of 3.2 months was at its lowest level compared with May of 2012 and 2011.

Market Time

The average Days on Market (DOM) shows how many days the average North Shore-Chicago 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 May was up 9.5% compared to last month and down -25.7% in market time in May of last year. The May 2013 DOM was at its lowest level compared with May of 2012 and 2011 totals.

Inventory / New Listings / Sales

The graph displayed above of the market combines monthly inventory of North Shore Properties for sale along with New Chicago’s North Shore Listings and Sales. The graph shows the basic annual seasonality of the North Suburban market as well as the relationship between these items. The number of New Listings in May 2013 was up 0.6% from last month’s totals and up 17.0% from market action reporting in May of last year.

Gloria Matlin, is a Glencoe Realtor, Chicago North Shore resident, Blackhawks fan, and the consummate professional providing top tier performance results for over 25 years.  This report, as well as other North Suburban real estate related information, can be provided at Gloria’s home base-Coldwell Banker Residential Real Estate office located at 640 Vernon Ave in the downtown district of Glencoe, Illinois,60022. Providing the highest service in homes for sale, mortgage options, real estate reporting, homes for rent, or a resource for basic community events, this real estate firm has been among the highest producing offices on the North Shores of Chicago for over 45 years. Stop in today with questions or for real estate guidance.

Summer Real Estate Trends to Follow-North Shore-Chicago Real Estate

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As the North Suburban market in Chicago heats up and sellers as well as buyers regain control, here are a couple of trends to review and consider:

North Shore Summer Trends 2013

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