Glencoe-North Shore Market Trends: Update July-August2013

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Chicago North Shore real estate sales figures surged in the month of June according to the recent market reporting by the Illinois Association of REALTORS®. Statewide home sales increased 14.9% over previous-year levels in June and median prices increased 9.7%, maintaining an impressive span of sales gains that show resurgence in the housing market is ongoing. This marks 24 consecutive months of year-over-year sales increases in the North Shore-Chicago region.

The recent North Suburban gains are representative of housing market recovery statewide. Eagerness on the part of buyers shows no signs of slowing down even with rising home prices. All signs of a move towards a consistently stable housing market.  In addition the North Shore days on the market time has fallen averaging 30.8 percent to 112 days. Absorption rates improved as Month’s Supply of Inventory was down 46.7 percent to 4.5 months. New Listings in the North Shore-Barrington region increased 16.0 percent to 1,259. Listings Under Contract were up 27.4 percent to 880. Inventory levels shrank 31.3 percent to 2,927 units. The Median Sales Price increased 6.0 percent. These figures create an ideal time for sellers to enter the market and buyers to take advantage of ideal affordability. Data provided by the North Shore-Barringtion Association of Realtors and Midwest Real Estate Data, LLC. See the supporting image below (click to enlarge):

MarketOverview-June13

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.09 percent in June 2013, up from 3.55 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last June it averaged 3.67 percent. Although Rising interest rates “appear not to be dampening demand and continued upward pressure on rental prices is clearly encouraging more potential buyers into the market;” stated Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. See supporting data image below (click to enlarge):

InterestRates-June13Forty-seven (47) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in June 2013. Forty-four (44) counties showed year-over-year median price increases including Cook, up 16.7.

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, 2013 for the period June 1 through June 30, 2013 and will continue into July and August 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.        

 

Look to Gloria Matlin, A top selling Chicago-North Shore Realtor with a long standing profile of successful client focused results. She produces a consistent level of quality real estate services, and goes above and beyond to ensure each and every one of her client’s dreams come true.  As North Shore real estate professional for over 25 years, she maintains her national top 1% elite status by performing at an optional level all while maintaining her commitment to yielding happy clients; whether someone is looking to relocate to the North Shore, or are first time buyers, downsizing, upgrading to a luxurious property, or even for the seasoned investor, she is North Shore-Chicago’s consummate real estate resource.  She calls Glencoe’s downtown Coldwell Banker Residential Real Estate office on 640 Vernon Ave-60022…home!

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Exquisite Chicago North Shore Open House Event-725 Greenleaf Avenue, Glencoe

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Open this Sunday July 28th, 2:30-4:30pm

The house will charm you! The stone and stucco exterior with limestone detail sets the elegant tone. The gracious entry includes a large foyer; charming cloakroom; and stair hall with lovely, curved staircase. See more details HERE

725 Greenleaf in Glencoe

You’ll love the fabulous location in East Glencoe; so close to train, town and beach.  This French Eclectic style, French Provincial or French Chateau styled home, was a common home building choice in the 1920s and 1930s. The style was utilized most often in residential architecture and emerged from an increased knowledge of French architecture and an appreciation for French cultureThe French Eclectic style is rectangular in plan and symmetrical in design, and is at least one-and-a-half stories in height. The main distinguishing characteristic of the style is a massive hip roof with its ridge paralleling the front of the house. The roof incorporates a second floor, which is typically lit by the addition of several dormers. Most of these dormers have segmental or hip roofs, although shed dormers can be found. Commonly, the dormers are located within the plane of the exterior wall and incorporate larger than normal windows.Exterior cladding can be of brick, stucco or clapboard.  More information HERE.

Watch Chicago’s North Shore on PBS. See more from Geoffrey Baer Tours.

Feel free to contact Gloria Matlin for a private showing of this lovely east Glencoe property!  More info  HERE!

Real Estate Outcomes June2013: Chicago’s North Shore

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JuneRealEstateReportsProperty Sales

North Shore-Chicago June Property sales were up 25.8% from market action reports as of June of 2012 and 17.5% higher than the average sales volume last month. June 2013 sales were at their highest level compared to June of 2012 and 2011. June YTD sales of 1,876 are running 27.6% ahead of last year’s year-to-date sales of 1,470 real estate totals.

Prices

The Median North Shore Sales Price in June was up 7.7% compared to June of 2012 and up 17.4% from last month. The Average Sales Price in June was up 4.7% from totals listed in June of 2012 and up 19.0% from  totals published last month. June 2013 ASP (average sales price) was at highest level compared to June of 2012 and 2011.

Inventory & MSI

The Total Inventory of Chicago North Suburban Properties available for sale as of June was down -2.1% from last month’s market action totals and down -33.5% from totals in June of last year. June 2013 Inventory was at the lowest level compared to June of 2012 and 2011. A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The June 2013 MSI of 2.7 months was at its lowest level compared with June of 2012 and 2011.

Market Time

The average Days On on the North Shore 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 Seller’s North Shore market. The DOM for June was 70, down -12.5% from 80 days last month and down -18.6% from 86 days in June of last year. The June 2013 DOM was at its lowest level compared with June of 2012 and 2011.

Selling Price vs Listing Price

The Selling Price vs Listing Price reveals the average amount that Chicago North Shore Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The June 2013 Selling Price vs List Price of 96.3% was up from 95.8% last month and up from 94.0% in June of last year.

Inventory / New Listings / Sales

The image above of the North Shore market combines monthly inventory of Properties for sale along with New 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 North Suburban Listings in June 2013 was 645, down -4.7% from 677 last month and up 21.9% from 529 in June of last year.

A Chicago North Shore Realtor, Gloria Matlin remains a top performer, ranking high nationally for her ongoing personable and tenacious real estate approach. She produces consummate results centered around the needs and wishes of her clients, and has for over 25 years. Look to her for real estate updates, reports, data, insight, market conditions, action reporting, trends, and even local north shore events or places to go. She is located in the North Shore’s top selling real estate office-Coldwell Banker residential real estate, 640 Vernon Ave, Glencoe, Illinois-60022.

How to Prepare Your Home for Internet Exposure-North Shore Real Estate

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IdealRoomsThe facts are clear, more Chicago North Shore buyers shop for homes on the web, therefore photos and virtual tours have become the norm. There are several things you can do make your home stand out on camera, and be a shining North Suburban Chicago internet star. See the 7 tips listed below for starters:

1. Keep the home looking its best. You want buyers who liked what they saw online to encounter the same home in person.

2. Put away & pack up the clutter. But leave three items of varying heights on each surface. For example, on an end table you can place a lamp (high), a small plant (medium), and a book (low).

3. The home should be “white cloth” clean. Because the camera magnifies grime, each room must be spotless. Don’t forget floor coverings and walls; a discolored spot on the rug might be overlooked by prospects during a regular home showing, but that stain becomes a focal point for online viewers.

4. Take a few pictures. This will give you an idea of what the home will look like on camera. Closely examine the photos and list changes that would improve each room’s appearance: opening blinds to let in natural light, removing magnets from the refrigerator, or taking down distracting art.

5. Remember the camera’s perspective. The camera’s eye is very different from the human eye. It magnifies clutter and poor furniture arrangement. To make a home shine in a virtual tour or video presentation, cater to the lens.

6. Down grade the furniture count. Identify one or two pieces of furniture that can be removed from each room to make the space appear larger.

7. Add balance &  some flare. Include a healthy plant in every room; the camera loves green. Energize bland decor by placing a bright vase on a mantle or draping an afghan over a couch.

Gloria Matlin, a Northern Shore-Chicago real estate resource with a compelling record of client centered successes for well over 25 years.  She looks to technology as one of the many highly valued tools to market, promote, engage, display, highlight, inform, update, and educate sellers and buyers alike. Her top performing, and personable business savvy keeps her ahead of the North Shore real estate market and allows her to optimally produce stunning and efficient results.  She is located in the heart of North Shore Glencoe’s downtown district; Coldwell Banker Residential real estate office- 640 Vernon Ave, 60022.