Glencoe-North Shore Market Trends: Update August-September2013

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Great gains and double digits….North Shore-Chicago, Illinois home sales surged 28.5% over previous-year sales market action reporting levels in July, in addition median prices increased 14.2%, based on the recent market analysis statement from the Illinois Association of REALTORS®; providing yet another indication of a strong summer for the North Shore region housing market.

Although interest rates have slightly increased in the past months, momentum and strong interest in home purchasing on the part of sellers has not slowed. North Shore-Chicago buyers and sellers are moving away from the sidelines as they see the markets favorable indicators.  New Listings in the North Shore-Barrington region increased 9.3 percent to 1,175. Listings Under Contract were up 31.7 percent to 790. Inventory levels shrank 29.3 percent to 2,976 units.  The Median Sales Price increased 2.5 percent. Market Times were down 47.4 percent to 93 days. Information provided by the North Shore Barrington Association of Realtors and Midwest Real Estate Data, LLC. See the supporting figures in the image below (click to enlarge):

NorthShore-MarketOverview-July2013

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.35 percent in July 2013, up from 4.09 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last July it averaged 3.54 percent. See historical images below (click to enlarge):

MortgageRates-July2013

Sixty-one (61) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in July 2013. Forty-nine (49) counties showed year-over-year median price increases including Lake, up 15.2 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 Aug. 7, 2013 for the period July 1 through July 31, 2013 and will start again in 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.         

Gloria Matlin, a Chicago North Shore resident, die-hard Chicago Blackhawks fan, national top producing real estate professional for over 25 years, trusted local North Shore area resource, and above all tenaciously committed to making North Shore real estate dreams come true; through optimal service with a personable approach. Look to her for answers regarding local North Shore market action report analysis, data, history, projections, or simply to find out about local community happenings/events/things to do/places to go. She calls Glencoe’s Coldwell Banker Residential Real Estate office home–640 Vernon Avenue, 60022. Have a safe and funLabor Day holiday weekend

New Listing – 815 Grove Street in Glencoe-North Shore, Chicago Real Estate

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815 Grove Street

Appointed w/premium architectural details……..

Magnificent English country style residence. Fabulous curb appeal offering charm & elegance on a gorgeous half acre, near the heart of town. 7000 sq. ft. exquisitely finished including 2 attached garages and an additional 2 detached garage spaces. Professionally landscaped by Craig Bergmann and built by Signature Builders (2004) architect Carol Rogulski. A lovely home for the most discriminating buyer.

Exterior Stone and Brick with architectural details that include a highly pitched roof line, turned double chimney, custom limestone inserts, arched stone lintels and a charming stone wall framing the private garden. There are also copper gutters and extra wide downspouts, copper valleys and flashing and a copper bay window. A cedar shake roof has ice and snow shield on pitches, valleys and gutter line.

Foyer 8 ft arched knotty alder and glass door with sidelights, featuring Rocky Mountain hardware. 4 inch oak floors throughout the first floor. Barrel vaulted ceiling. Varying ceilings throughout and 10 foot ceilings on the first floor.

Living Room Generous space with an Old World cast stone fireplace and sliding doors to the library

Library Magnificently appointed room with pine paneled wainscoting, built-in cabinets and bookshelves, beamed ceiling and heavy crown moldings.

Powder Room Across from coat closet, Porcher console sink with Perrin and Rowe faucet in polished nickel and Kohler Portrait toilet

Dining Room Spacious dramatic room with beautiful columns and details with bowed window highlighted by a spectacular chandelier. The arched entry detail is echoed throughout the home.

Kitchen 2 stainless Oliveri under mount sinks, 2 garbage disposals and Blanco high arc stainless faucets. Subzero 36” refrigerator, 36”freezer with wood overlay doors, Thermador 48” stainless steel professional cook top, 2 stainless steel Thermador convection ovens and microwave, Bosch hi-efficiency dishwasher with wood paneling, Marvel 30 bottle wine cooler. An open layout lends itself perfectly for entertaining. There are hand crafted and period design cabinets by Quality Custom Cabinetry with an expansive curved island and granite countertops. Completing this space is a breakfast bar, table eating area, sliding doors and beautiful views of the garden.

Family room opens to the kitchen and features the 2nd wood burning, gas fireplace with a floor to ceiling natural stone wall and wood mantle. A vaulted ceiling and 2 French doors open to the yard and patio.

 1st floor Bedroom En suite with shower featuring Kohler and Grohe, this room has its own entrance and beautiful views of the yard and garden-ideal for a home office, live-in or guests.

Laundry room and Mud room Generous separate rooms open to the garage as well as side door entrance. The laundry room features a laundry chute, Corian counters, Whirlpool Duet washer and dryer.

Garage There is a 2 car attached heated garage plus 2 car detached with custom stained wood doors and exterior digital key pad. The driveway is tumbled brick and asphalt.

Second Floor – 9ft ceilings

4 generous en-suite bedrooms The Master bath has radiant heated honed marble and polished mosaic stone floors, a Pearl corner whirlpool with recirculating hot water line and pump for fast hot water, Grohe rain shower head and hand held shower with 4 adjustable body sprays, 2 separate sinks and vanities with beautiful granite counters.

Lower level-9ft ceilings 2000sq ft of finished living space including an exceptionally large entertaining area and a 3rd wood burning, gas starter fireplace. There is a wet bar with Subzero wood-paneled refrigerator. A 6th bedroom has a walk-in closet and spa marble bath with steam shower. A utility room provides plenty of storage and includes; 400 amp electric service, 2-75 gallon hot water heaters, sump pump with battery back-up, security system (keypads in Master bedroom and Mud room-all doors wired motion sensor), 2 zoned HVAC (zone 1st and 2nd level, additional zone in lower level), air cleaners and humidifiers, pre-wired for multiple phone, cat 5 RG6 coaxial cable for television, surround sound in Family room, lower level, speaker in kitchen, living and dining rooms, master bedroom and bath, plus rear and side patios. Insulation is walls R-13, ceilings R-38 and basement R-19. Additional soundproofing of all baths, laundry room and plumbing chases with baffling insulation. All ceilings with living space above are soundproofed with R-19 insulation. In addition, there is a generator, underground sprinklers and landscape lighting.  More details HERE and HERE.

Real Estate Outcomes July2013: Chicago’s North Shore

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JulyMarket-2013Property Sales

North Shore-Chicago July 2013 Property sales were up 28.0% from figures in July of 2012 and -4.6% lower than the market action sales reporting last month.  July 2013 North Shore sales were at their highest level compared to July of 2012 and 2011. July YTD sales are running 27.8% ahead of last year’s year-to-date sales volume outcomes.

Market Time

The average North Shore Days on Market (DOM) shows how many days the average Property is on the North Shore 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 56, down -18.8% from 69 days last month and down -47.2% from 106 days in July of last year. The July 2013 DOM was at its lowest level compared with July of 2012 and 2011.

Inventory & MSI

The Total Inventory of North Shore Properties available for sale as of July was down -1.0% from last month and down -31.2% in comparison to July of last year. July 2013 Inventory was at the lowest level compared to July of 2012 and 2011.

A comparatively lower (monthly Supply of Inventory) MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The July 2013 MSI of 2.8 months was at its lowest level compared with July of 2012 and 2011.

Selling Price vs. Listing Price

The North Shore-Chicago Selling Price vs. Listing Price reveals the average amount that North Shore Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a North Shore Buyer’s market exists, a ratio at or above 100% indicates more of a North Shore Seller’s market. The July 2013 Selling Price vs. List Price of 96.7% was up from 96.3% last month and up from 94.0% in July of last year.

Inventory / New Listings / Sales

The collective North Shore view of the market above combines monthly inventory of Chicago-North Shore Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the North Shore markets as well as the relationship between these items. The number of New Listings in July 2013 down -5.6% from last month and up 22.6% as opposed to market action calculations produced for July of last year.

Gloria Matlin…within the elite group of highest performing 1% of Realtors nationally, she remains amiable yet tenacious. A long standing real estate professional for over 25 years, a Chicago North Suburban resident, she is the consummate guide to the Northern Shore communities.  Her expertise in market trends, relocation, reports, analysis, marketing, even having a pulse on North Shore places to go or things to do are centered on ensuring optimal client satisfaction. She is located within the top producing Coldwell Banker Residential Real Estate office of Glencoe, Illinois-640 Vernon Ave, 60022.

Just Listed – 904 Glencoe Drive in Glencoe-North Shore, Chicago Real Estate

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904 Glencoe DriveSteps To Your Glencoe Lifestyle…

Custom built Timm Martin all brick Georgian residence on quiet cul-de-sac just steps from the heart of town, including restaurants, Writer’s Theatre, library, grocery, pharmacy and more.  This home was built for suburban / beach town environment within easy reach of downtown Chicago, yet without typical suburban, car-only lifestyle.   Near transportation, schools, Ravinia Park, Chicago Botanical Garden and our magnificent beach and North Shore lake front park.

Blue stone steps welcome you to the gracious entry and 2 story foyer with spiral staircase, recessed lighting and natural light filtering in from large windows.  Gracious living space unfolds from here with a design that allows for easy living, entertaining or tranquil alcoves.

Double French doors open to the Library/Living room with handsome hardwood floors, built-in bookcases, crown moldings and recessed lighting.  A wood burning, gas starter fireplace has a slate surround and wood mantle – a peaceful spot for quiet gatherings or for reading or reflecting.

The Dining room, with hardwood floors, recessed lighting and large double windows, connects to the kitchen and is perfect for entertaining!

The open bright Family room and adjacent Sun room and Kitchen feature hardwood floors, recessed lighting and scenic vistas from the many windows and French doors opening to the beautifully landscaped property.  This area was designed to allow family interconnectedness and also separate undistracted activities.

The Family room has a wood burning, gas starter fireplace with granite surround and wood mantle.  Built-in cabinetry and French doors that open to the stone paver patio and landscaped yard   complement the space – a perfect place for large gatherings or quiet intimate evenings at home.

The Sun room is a peaceful alcove surrounded by windows and French doors with easy access to the patio and yard. The fabulous Kitchen has an abundance of beautiful floor to ceiling cherry wood cabinets, some with lighted art glass inserts, a large island with prep sink and granite counters.  Appliances include:  a Sub Zero refrigerator, a Thermador 4 burner stove with char broiler and griddle, and a Bosch dishwasher.  The large eating area also has a wall of cabinets and work area.

Completing the first level is a stunning Powder room, ample closets and a separate mud room connecting the side entrance and kitchen.

The 2nd level has 4 spacious bedrooms including a luxurious Master suite.  There are hardwood floors and recessed lighting throughout.  One bedroom, currently used as an office, has a private bath with spa tub.  A private suite has 2 bedrooms with fitted closets and ample natural light. They share a bath with double sinks, granite counters, storage towers, mirrored medicine cabinets and separate shower.

The Master bedroom has a wood burning, gas starter fireplace flanked by 2 glass sconces and a sitting area.  The spa oasis bath features Jerusalem stone counters, Kalista double sinks and Mahogany cabinetry.  There is an extra- large spa tub and a multi-head double shower with bench, steam and music!  A large fitted walk-in closet has a private stairway (also accessible from the main hall) going to a third floor retreat. Currently a private office, this flexible space allows for another bedroom with walk-in closet, a master lounge or a playroom.

The large, finished basement with 9- foot ceilings and its own HVAC zone, is carpeted, has recessed lighting and has multiple closets for storage.  A laundry room with Maytag washer and dryer and many cabinets is connected by chutes from 1st floor mudroom and 2nd floor bedroom suite area.  A bedroom, currently used as an exercise room has recessed lighting and a large closet.  An additional room, now used as a 5th bedroom, also has many possibilities. The spacious multi-use recreation room is set up for media and a large play area.  A full bath has a shower and is connected to both the bedroom and main recreation area for convenience.  Plumbing is in place for the addition of a kitchen/bar, if desired.

Other highlights of this special offering include:  3 zone HVAC, 2 water heaters, 400 amp electric service, double sump pump battery back-up, underground sprinklers on main property, security system, speakers in many areas of the home including the exterior, and a 2.5 car garage with extensive shelving designed for storage.

The private property on nearly ½ acre has a stone paver patio with fire pit, play yard and an unusually large side yard – the land was annexed from a neighboring lot and, if desired, allows potential for a pool, greenhouse, sports court, skating rink, addition or other lifestyle choices.  More information and a custom tour HERE and HERE