Glencoe-North Shore Market Trends: Update September-October2013

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Fall 2013 is off to a bang! North Shore-Chicago, Illinois home sales figures surged 17.3% over previous-year levels in August. In addition, median prices increased 13.6% based on the recent market action reporting by the Illinois Association of REALTORS®. Within the North Shore area as well as Statewide, home sales (including single-family homes and condominiums) in August marked one year of continuous annual sales and price gains.

The summer and spring North Shore real estate selling season was exceptionally strong. The recent state figures support expected momentum into fall 2013. August Median home price gains and ideal mortgage rates continue to fuel the demand for homeownership. New Listings in the North Shore-Barrington region increased 14.3 percent to 1,037. Listings Under Contract were up 29.8 percent to 770. Inventory levels shrank 27.4 percent to 2,921 units. Market Times were down 37.0 percent to 94 days. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore- North Central region was 4.44 percent in August 2013, up from 4.35 percent in July, according to the Federal Home Loan Mortgage Corp. In August 2012 it averaged 3.60 percent. Portions of the data findings are from NSBAR and MRED. See the supporting analysis data image below (click to enlarge):

SalesVolume-August2013

Fifty-two (52) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in August 2013. Forty-one (41) counties showed year-over-year median price increases including North Suburban Lake, up 16.1 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 Sept. 7, 2013 for the period Aug. 1 through Aug. 31, 2013 and will continue into September through October 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.

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

With an exceptional standing for top producing high performing Realtor results, Gloria Matlin remains the consummate Chicago-North Shore real estate professional. With more than 30 years of specialized and personalized service, she looks to technology to engage, educate, showcase, and provide the most up-to-date information on the North Shore real estate market. She is located in the North Shore Coldwell Banker office within the Chicago, Illinois suburban village of Glencoe-640 Vernon Ave, 60022.

We Believe!

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Happy First days of Fall/Autumn! See the video that captures, and certainly can represent the comforts of home as well as this special time of year…

Agent Horizon

Coldwell Banker® has one of the best ads on tv.  It emotionally connects with the true value of a home, by showing friends celebrating, kids baking and jumping on the bed, and many of the other moments we enjoy in our home.  Sometimes agents get caught up in the numbers and “the market” dictating value in a home, and this commercial reminds us that regardless of numbers, the real value is in the memories and moments we create.

The newest addition to this campaign is the Coldwell Banker International Film Festival.

From September 9-27 the festival will showcase films on the value of home from around the world!  Brazil, Mexico, India, South Africa, China, Portugal, US and the United Arab Emirates will all be showcased.  An avid film fan myself, I am so excited to showcase these films in our new client lounge at the Coldwell Banker Horizon Realty…

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Real Estate Outcomes August2013: Chicago’s North Shore

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Market-August2013Property Sales

Outstanding pre-fall Chicago North Shore market action reports; August North Shore property sales were up 13.4% from sale totals in August of 2012 and -1.5% lower than the sales results last month. August 2013 sales were at their highest level compared to August of 2012 and 2011. August YTD sales are running 25.3% ahead of last year’s year-to-date sales.

Prices

The Median North Shore-Chicago sales Price in August was up 2.0% compared to data results in August of 2012 and up 1.0% from last month. The Average Sales Price in August was up 6.3% compared to sales figures in August of 2012 and up 5.1% from last month. August 2013 ASP was at highest level compared to August of 2012 and 2011.

Inventory & MSI

The Total Inventory of North Suburban properties available for sale as of August 2013 was down -11.0% from  last month and down -32.7% from  reports released in August of last year. August 2013 Inventory was at the lowest level compared to August of 2012 and 2011.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2013 MSI of 2.7 months was at its lowest level compared with August of 2012 and 2011.

Market Time

The average Chicago-North Shore Days On Market (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 50, down -9.1% from 55 days last month and down -34.2% from 76 days in August of last year. The August 2013 DOM was at its lowest level compared with August of 2012 and 2011.

Inventory / New Listings / Sales

The image above of the market combines monthly inventory of Chicago Northern Shore Properties for sale along with New North Shore Listings and Sales. The provided above calculations show the basic annual seasonality of the North Shore market as well as the relationship between these items. The number of New North Shore Listings in August 2013 was down -18.8% from last month and up 9.8% from August of last year 2012.

Sustained Realtor sales performance, top producing results, enthusiasm, an accurate pulse on the North Shore market, over two decades of trusted real estate experience, repeated national recognition for personalized luxury real estate service; these phrases describe Gloria Matlin, the consummate Chicago North Shore real estate professional.  Stop by her high ranking Coldwell Banker office in Glencoe for a review of similar and various market reports, analysis, history or general area information- 640 Vernon Ave, Glencoe, Illinois-60022.

Curb Appeal: Very Important…Indeed!-North Shore-Chicago Real Estate

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CurbappealA real estate staple on the North Shore of Chicago, and around the country that should never be forgotten! CURB APPEAL….

In real estate curb appeal is known as the frosting and refers to a property’s overall outward appearance from the street, all while including its age, condition and North Shore design. Homebuyers may often drive-by, either virtually or in person to research their best prospects and quickly eliminate undesirable Chicago-North Shore property options. So when you’re selling or even renting a home, attention to curb appeal can influence your success as much, if not more so, than home staging interior features even setting your competative price point.

Gloria Matlin, high performing North Shore real estate expert for over 25 years, further explains the importance of this vital selling and buying aspect of real estate HERE.