Glencoe-North Shore Market Trends: Update February-March2014

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It was cold, but things are still warming up…Chicago North Shore real estate inventory levels in January dipped 7.5 percent compared to last year, but median home prices climbed 9.6 percent over previous-year levels, according to recent market action reporting from the Illinois Association of REALTORS®.

The severe Midwestern temperatures affected seasonal trends in January. In spite of old man winter, and a slight dip in buyer traffic, prices remained competitive, with robust indications that Chicago North Shore real estate will continue to show strength as we enter into the spring season. As an example, North Shore Listings under Contract were up 2.8 percent to 506. Inventory levels shrank 24.7 percent to 2,184 units. Prices marched higher. The Median Sales Price increased 28.6%. Market Times were down 34.7 percent to 107 days. This is the time to reassess real estate situations.  Getting a fresh comparative market analysis might be ideal at this point in time. Interest rates remain appealing and should remain at lower levels but are expected to creep higher in 2014. Information provided and supported by the North Shore Barrington Association of Realtors and Midwest Real Estate Data, LLC. See the supporting image below (click to enlarge):

January-MarketStatus-2014

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.46 percent in January 2014, down from 4.48 percent in December, according to the Federal Home Loan Mortgage Corp. In January 2013 it averaged 3.40 percent.

Thirty (30) of 102 counties in Illinois showed annual home sales increases in the month of January 2014. Forty-three (43) counties showed year-over-year median price increases including Northern Shore Cook, up 19.4 percent. Chicago North Shore investor opportunities and first-time homebuyers are still finding attractive deals in a market that we might not see again for many years.

Sales and price information is generated by Multiple Listing Service closed sales reported by 30 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Feb. 7, 2014 for the period Jan. 1 through Jan. 31, 2014 and will continue into March of 2014.. 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.

Think Spring!  Now may be one of the best times in history to buy, sell and/or invest in real estate on Chicago’s North Shore. Having an experienced, top producing, top performing high ranking, real estate professional as your resource is paramount to finding the right North Shore fit.  Are you relocating to the North Shore of Chicago this spring season?  Gloria Matlin has been a relocation expert for well over 30 years. Her insight and accurate pulse on the market will make it easier to focus on where you’re going not where you’ve been. Gloria Matlin’s home office is located at 640 Vernon Avenue, in the heart of the historic downtown village district of Glencoe, Illinois 60022.

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What Is A Mortgage Pre-Approval?

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Here to be your Chicago North Shore real estate guide, Gloria Matlin can provide unparalleled real estate service to first time buyers, seasoned investors, or those wanting to gain more knowledge about the ever changing but productive North Shore Chicago real estate market. With over 30 years of client centered, top producing North Shore Realtor success, Gloria Matlin has an accurate and keen pulse on real estate conditions on the Northern Shores of Chicago. She can be found in her high producing, nationally top ranking Coldwell Banker residential real estate office of Glencoe, Illinois-640 Vernon Ave., 60022.

Andy Horn Real Estate Blog

When you are purchasing a home, your broker may recommend you obtain a mortgage pre-approval before you find the home of your dreams. There are some benefits to being pre-approved before you find a home, but oftentimes, people confuse pre-qualifications with pre-approvals. So the question many buyers have is what exactly is a mortgage pre-approval? In a nutshell, it’s when the lender provides you (the buyer) with a letter stating that your mortgage will be granted up to a specific dollar amount. What Do I Need For Pre-Approval? In order to obtain a pre-approval for your home purchase, you will have to provide your lender all of the same information you would need to show for qualifying for a mortgage. This means providing tax returns, bank statements and other documents that prove your net worth, how much you have saved for your down payment and your current obligations. What Conditions…

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Real Estate Outcomes January2014: Chicago’s North Shore

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NSMarketConditions-Jan-2014Property Sales

Great News!!  North Shore Chicago market action reporting shows January real estate property sales were up 6.7% from totals in January of 2013 and -32.8% lower than sales outcomes last month. January 2014 sales were at their highest level compared to January of 2013 and 2012. January YTD sales volume figures are running 6.7% ahead of last year’s year-to-date sales of 165.

Prices

The Median North Shore sales Price in January was up 29.8% from sales totals calculated in January of 2013 and up 0.2% from last month. The Average Sales Price in January was up 28.5% from final volume reports in January of 2013 and down -3.9% from last month. January 2014 ASP was at highest level compared to January of 2013 and 2012.

Inventory & MSI

The Total Chicago Northern Shore Inventory of Properties available for sale as of January was down -4.7% compared to last month and down -33.9% from 1,222 in January of last year. January 2014 Inventory was at the lowest level compared to January of 2013 and 2012.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The January 2014 MSI of 4.6 months was at its lowest level compared with January of 2013 and 2012.

Market Time

The average Chicago North Shore real estate 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 January was up 21.2% from total days last month and down -33.7% from 95 days in January of last year. The January 2014 DOM was at its lowest level compared with January of 2013 and 2012.

Inventory / New Listings / Sales

The summary image above of the market combines monthly inventory of North Shore 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 January 2014 was up 90.2% compared to last month and down -16.9% from totals calculated in January of last year.

Consistently a top producing Realtor, nationally awarded as one of the premier real estate professionals for over 30 years, a high performing Chicago North Shore real estate expert, with an accurate pulse on market conditions/trends; just a few facts that detail the level of service you can expect from Gloria Matlin. A long-time resident of the North Shores of Chicago, she prides herself on providing unparalleled client centered services, and helping each and every client fulfill their North Shore real estate dreams.  Coldwell Banker’s residential real estate office in downtown Glencoe, Illinois is her home base – 640 Vernon Avenue, 60022.