Glencoe-North Shore Market Trends: Update November-December2013

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The Chicago North Shore real estate housing market saw October home sale increases by 3.7 percent over previous-year levels, as well as a median prices rise of 13.8 percent based on the recent real estate action reporting by the Illinois Association of REALTORS®.

The profound North Shore demand for housing has progressively reduced the rate of home inventory. Despite this fact, North Shore buyers and sellers remain enthusiastic about investment factors such as low interest rates and ideal price points well into December 2013. Specifically, sellers appear to appreciate the increased worth on their long long-term investment with the ongoing robust gains in North Shore sales. More homes sold in less time for closer to asking price. New Listings in the North Shore-Barrington region increased 10.3%. Listings Under Contract were up 20.6%. Inventory levels shrank 22.2%. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central – North Shore region was 4.20 percent in October 2013, down from 4.50 percent in September, according to the Federal Home Loan Mortgage Corp. In October 2012 it averaged 3.36 percent. Information provided and supported by the North Shore-Barrington Association of Realtors and Midwest Real Estate Data. See the summary images below (click to enlarge):

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Overall, the stated saw absorption of distressed properties as many are being rehabbed and/or resold. The sign of increased interest in the market and the benefit of additional value added to the communities the properties reside in. The statewide inventory of available homes for sale totaled 66,433 units in October, down 18.3 percent compared to 81,281 last year.

Forty-eight (48) of 102 Illinois counties reporting to IAR (Illinois Association of Realtors) showed annual home sales increases in October 2013. Forty-eight (48) counties showed year-over-year median price increases including North Shore- Chicago Cook, up 17%. The city of Chicago saw a 7.5% percent year-over-year home sales increase in October 2013 with 2,231 sales, up from 2,076 in October 2012.

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 Nov. 7, 2013 for the period Oct. 1 through Oct. 31, 2013, and will continue into December 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.

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Benefits of Buying a House at the end of the year

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This time of year brings with it many gifts in several forms. Whether its places to go on Chicago’s North Shore, things to do, top 10 holiday events to attend, the hustle and bustle of this time of year is often the perfect time to buy or sell North Shore real estate. This Blog captures the essence of this concept. Read and enjoy. Happy Holidays!

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Benefits of Buying at the End of the Year

Many homebuyers look to secure new homes in the summer months, when the kids are out of school and schedules are more relaxed. Yet there are lots of good reasons to save the home-buying process until the end of the year, when you can take advantage of motivated sellers and readily available moving help.

If you are closing the new home by December 31st, you can deduct your equity costs and property taxes on your income tax return. This can end up saving you lots of money, especially when you are bound to pay a large amount of interest at the beginning of the year.

As the year draws to a close, most builders offer attractive incentives to buyers in order to sell as many houses as possible. When buying at the end of the year, you can take advantage of…

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Real Estate Outcomes October2013: Chicago’s North Shore

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Oct-2013North ShoreProperty Sales

North Shore-Chicago October 2013 Property sales were UP 13.8% compared to market action report data released in October of 2012 and -11.6% lower than sales figures calculated last month. October 2013 sales were at their highest level compared to October of 2012 and 2011. October YTD sales are running 26.0% ahead of last year’s year-to-date sales volume totals.

Prices

The Median Northern Shore-Chicago Sales Price in October 2013 was up 14.3% compared to figures in October of 2012 and down -10.3% from last month. The Average North Shore Sales Price in October was up 14.9% from sales totals in October of 2012 and down -5.9% from last month. October 2013 ASP was at highest level compared to October of 2012 and 2011.

Inventory & MSI

The Total Inventory of Chicago-North Shore Properties available for sale as of October was down -10.6% from reporting totals last month and down -27.5% from totals in October of last year. October 2013 Inventory was at the lowest level compared to October 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 October 2013 MSI of 4.0 months was at its lowest level compared with October of 2012 and 2011.

Market Time

The average North Shore 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 October was up 17.9% from 56 days last month down -25.0% compared to October of last year. The October 2013 DOM was at its lowest level compared with October of 2012 and 2011.

Inventory / New Listings / Sales

The North Shore-Chicago view of the 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 Listings in October 2013 was down -22.5% from market reporting totals last month and up 4.5% from figures in October of last year.

Consistent producer in the top 1% of agents in the nation. Ranking in the top tier of North Shore Chicago Realtors for over three decades. A relocation expert with a keen sense of marketing, promotion, technology, real estate conditions along with community involvement and area insight. A trusted resource providing the highest level service with tenacity, grace, and a focused /sincere attention to detail. Gloria Matlin embodies these descriptive phrases and more.  She can be found in the high performing Coldwell Banker Residential Real Estate office, 640 Vernon Avenue, Glencoe, Ilinois-60022.