Glencoe-North Shore Market Trends: Update October-November2013

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Chicago North Shore-Chicago recent housing figures show huge momentum in the start of the fall 2013 market! September Illinois home sales increased 19.8 percent over previous-year levels and median prices rose 12.9 percent, according to the market action data supplied by the Illinois Association of REALTORS®.

Statewide home sales including the Northern Shores of Chicago (including single-family homes and condominiums) in September 2013 totaled 13,018 homes sold, up from 10,866 in September 2012.  It was the strongest September in terms of sales since 2006, when 13,594 homes sold statewide.

The start of autumn confirmed that North Shore home buyers were not daunted by the slight increase in mortgage rates or the federal government shutdown. The Chicago North Shore home sale figures show a robust end of one season and the high probability of an outstanding final quarter for 2013. Within the month of September 2013 on the North Shore, New Listings in the region increased 24%. Listings Under Contract were up 17.1%. Inventory levels shrank 23.4%. There’s increasing evidence that it’s not just first-time home buyers fueling the North Shore real estate market. Move-up buyers are also making their presence known. In addition Some baby-boomers are ready to look for less space. Lastly there’s a fresh crop of buyers entering the market looking to establish roots as newly married and/or starting families. Information provided by the North Shore Barrington Association of Realtors and MRED. See summary images below (click to enlarge):

MarketOverview

 

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the Chicago North Shore-North Central region was 4.50 percent in September 2013, up from 4.44 percent in August, according to the Federal Home Loan Mortgage Corp. In September 2012 it averaged 3.49 percent (click to enlarge):

MortgageRates-Sep2013

Fifty-three (53) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in September 2013. Forty-nine (49) counties showed year-over-year median price increases including Chicago North Shore Cook, up 19 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 Oct. 7, 2013 for the period Sept. 1 through Sept. 30, 2013, continuing into October 2013. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Chicago North Shore Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

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

With over 25 years of top performing, high producing real estate results, Gloria Matlin is the trusted Realtor resource for the North Shore of Chicago. Whether buying your first home, relocating to the North Shore area, or simply wanting more information on the state of the housing market, Gloria provides unparalleled personable service in each of these areas. She is located in the top ranking Coldwell Banker Residential real estate office of Glencoe, Illinois-640 Vernon Ave, 60022.

Real Estate Outcomes September2013: Chicago’s North Shore

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NS-Sept-2013Property Sales

Ongoing progress…Chicago North Shore September Property sales were up 35.7% from market action report totals calculated in September of 2012 and -30.1% lower than sales last month. September 2013 North Shore sales were at their highest level compared to September of 2012 and 2011. September YTD sales ran 27.0% ahead of last year’s year-to-date sales outcomes.

Prices

The North Shore-Chicago Median Sales Price in September was up 11.1% from final sales volume amounts in September of 2012 and down -3.2% from data posted last month. The Average North Shore Sales Price in September was up 18.7% from totals in September of 2012 and down -3.1% from last month’s final data. September 2013 ASP was at highest level compared to September of 2012 and 2011.

Inventory & MSI

The total North Suburban-Chicago Inventory of Properties available for sale as of September was down -1.7% from totals last month and down -28.5% from inventory totals in September of last year. September 2013 Inventory was at the lowest level compared to September 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 September 2013 MSI of 3.8 months was at its lowest level compared with September of 2012 and 2011.

Market Time

The average North Shore-Chicago Days on 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 North Shore Seller’s market. The DOM for September was 56, up 12.0% from 50 days last month and down -34.9% from 86 days in September of last year. The September 2013 DOM was at its lowest level compared with September of 2012 and 2011.

Inventory / New Listings / Sales

The view above of the market combines monthly inventory data of properties for sale along with new North Shore listings and sales. The graph totals show the basic annual seasonality of the market as well as the relationship between these items. The number of New North Shore Listings in September 2013 was up 3.2% from last month and up 26.3% from final figures gathered in September of last year.

Recently ranking as one of the top producing North Shore real estate professionals for the 2nd quarter of 2013, Gloria Matlin sustains optimal performance with grace, tenacity and personalized service.  Staying ahead of the market for over 25 years, look to her for feedback on this and similar market action reports. Gloria Matlin is located at the Glencoe, Illinois Coldwell Banker Residential real estate office, within the downtown village center-640 Vernon Avenue, 60022.