Spring welcome’s Chicago North Shore real estate gains. Median prices increased 6.9% state wide, while home sales decreased 6.2% over previous-year market action levels reported in February according to the Illinois Association of REALTORS®.

The beginning of this year was profoundly affected by inclement weather conditions. Despite this fact, home prices saw a notable increase. Chicago North Shore Market Times were down 29.4% to 116 days. In addition, absorption rates improved as Month’s Supply of Inventory was down 29.9%. Rates remain attractive as the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 4.32 percent in February 2014, down from 4.46 percent in January, according to the Federal Home Loan Mortgage Corp. An ideal assortment of market status indicators that are proving ideal for North Shore sellers and buyers alike; this spring should reflect buyers ready to release pent up action and a readiness to move as homes come on the market. An uptick in median pricing historically indicates a strong market that will continue to rise. Information and supporting image provided by the North Shore Barrington Association of Realtors and Midwest Real Estate Data, LLC (click to enlarge):

MarketStatus-NS-March2014

 

Forty (40) of 102 counties in Illinois showed annual home sales increases in February 2014. Forty-seven (47) counties showed year-over-year median price increases including North Shore Cook, up 15.5%.

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 March 7, 2014 for the period Feb. 1 through Feb. 28, 2014 and continuing into March and April 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.

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

For information and in-depth assistance on this and similar North Shore real estate market action reporting, feel free to visit the North Shore’s top ranking residential real estate office of Glencoe, Illinois-Coldwell Banker-640 Vernon Avenue, 60022. Gloria Matlin has called the Northern Shores of Chicago home base for over 25 years.  Let her high producing, top performing client centered experience guide you through the Chicago North Shore real estate process with ease.

 

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