Real Estate Outcomes June2013: Chicago’s North Shore

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JuneRealEstateReportsProperty Sales

North Shore-Chicago June Property sales were up 25.8% from market action reports as of June of 2012 and 17.5% higher than the average sales volume last month. June 2013 sales were at their highest level compared to June of 2012 and 2011. June YTD sales of 1,876 are running 27.6% ahead of last year’s year-to-date sales of 1,470 real estate totals.

Prices

The Median North Shore Sales Price in June was up 7.7% compared to June of 2012 and up 17.4% from last month. The Average Sales Price in June was up 4.7% from totals listed in June of 2012 and up 19.0% from  totals published last month. June 2013 ASP (average sales price) was at highest level compared to June of 2012 and 2011.

Inventory & MSI

The Total Inventory of Chicago North Suburban Properties available for sale as of June was down -2.1% from last month’s market action totals and down -33.5% from totals in June of last year. June 2013 Inventory was at the lowest level compared to June 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 June 2013 MSI of 2.7 months was at its lowest level compared with June of 2012 and 2011.

Market Time

The average Days On on the North Shore 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 Seller’s North Shore market. The DOM for June was 70, down -12.5% from 80 days last month and down -18.6% from 86 days in June of last year. The June 2013 DOM was at its lowest level compared with June of 2012 and 2011.

Selling Price vs Listing Price

The Selling Price vs Listing Price reveals the average amount that Chicago North Shore Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The June 2013 Selling Price vs List Price of 96.3% was up from 95.8% last month and up from 94.0% in June of last year.

Inventory / New Listings / Sales

The image above of the North Shore 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 North Suburban Listings in June 2013 was 645, down -4.7% from 677 last month and up 21.9% from 529 in June of last year.

A Chicago North Shore Realtor, Gloria Matlin remains a top performer, ranking high nationally for her ongoing personable and tenacious real estate approach. She produces consummate results centered around the needs and wishes of her clients, and has for over 25 years. Look to her for real estate updates, reports, data, insight, market conditions, action reporting, trends, and even local north shore events or places to go. She is located in the North Shore’s top selling real estate office-Coldwell Banker residential real estate, 640 Vernon Ave, Glencoe, Illinois-60022.

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Pocket Listings: What You Should Know-North Shore Homes For Sale

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On Chicago’s North Shore Real Estate options like “pocket listings” or exempt listings have become a more mainstream option for quietly marketing a home for sale. If you haven’t already heard of these popular real estate terms, you probably will.  Here is what you’ll need to know as a North Shore home buyer or seller about this fast growing type and a few examples to review:

Pocket listing– an unofficial, off-market Property

Also known as a “quiet” or “off-market” or “exempt listing”, a pocket listing is a real estate property that an agent keeps tucked away. Though the seller may have a signed listing agreement with a real estate agent/broker, the property for sale isn’t officially listed in the MLS. Other traditional forms of marketing may be downplayed, too.

Example of a North Shore off-market property currently for sale:

 

Exempt or Pocket listings- what they mean for buyers and sellers

If you’re a North Shore seller, you may consider testing the waters with a pocket or exempt listing, even if it’s just for a week or two.

For buyers, it’s important to work with a local Chicago North Suburban agent who has established relationships with other agents in the community. That way, you can be certain that you’ll be made aware of all potential North Shore homes for sale.

Coming Soon 2524 Augusta Way:

Contact Gloria Matlin for a private showing for any of these North Shore exempt properties.  847-835-6058

More info HERE and HERE

Real Estate Outcomes August2012: Chicago’s North Shore

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Property Sales

North Shore-Glencoe Market Action Reports indicate August 2012 Property sales were  up 85.7% vs. August 2011 market conditions, and 52.9% higher than real estate data posted last month-July2012. August 2012 sales were at their highest level compared to August of 2011 and 2010 sales volume. August YTD sales ran 14.1% ahead of last year’s year-to-date sales outcome.

Prices

The Median Chicago-North Shore Sales Price in August down -12.2% from data compiled in August of 2011 and down -13.1% from last month’s reporting. The Average Sales Price in August was up 2.3% compared to August of 2011 and up 11.6% from last month’s real estate conditions. August 2012 ASP was at highest level compared to August of 2011 and 2010.

Inventory & MSI

The total Inventory of North Suburban Properties available for sale as of August was down -2.4% from last month and down -37.7% from  August of last year. August 2012 Inventory was at the lowest level compared to August of 2011 and 2010 volume.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The August 2012 MSI of 3.1 months was at its lowest level compared with August of 2011 and 2010.

Market Time

The average Days On Market for Chicago North Shore property (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 down -39.2% from 120 days last month and down -27.7% from 101 days in August of last year. The August 2012 DOM was at its lowest level compared with August of 2011 and 2010.

Inventory / New Listings / Sales

The photo above provides a view of the Chicago North Suburban market combining monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the North Shore-Glencoe market as well as the relationship between these items. The number of New Listings in August 2012 was up 8.7% from last month and up 13.6% compared to August of last year-2011.

The report above can be discussed and reviewed by any of our highly skilled, top performing Glencoe Coldwell Banker office Broker-Associates.  Our office is located at 640 Vernon Ave in the heart of downtown Glencoe, Illinois-60022.  We look forward to assisting you!

Has the Housing Market Turned a Corner?-Chicago’s North Shore Real Estate

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Across the nation and here on Chicago’s North Suburban Shore the question is still swirling…has the real estate market really turned a corner?  4 primary factors indicate the answer is YES!

1. Foreclosures

The rate of homes foreclosed continues to decline in June with 5.8 out of every 10,000 homes in the country being liquidated. This is the lowest foreclosure pace we’ve seen since December 2007 when 5.5 out of every 10,000 homes were being liquidated. Nationally, foreclosure re-sales also continued to slow, making up 15.6% of all sales in June, down from 16.4% in May. This lower level of foreclosure re-sales is contributing to home value appreciation, as these are usually sold at a discount and influence surrounding non-distressed sales.

2. Rents

The June Zillow Rent Index (ZRI) is up 5.2% from year-ago levels, and 68% of the 293 metropolitan areas including North Suburban Chicago, experienced year-over-year gains. Markets that saw extremely strong year-over-year rent increases including Chicago (11%) are evidence that the prediction of continually rising rents will escalate consumer demand for home purchases, especially in this low mortgage rate environment.

3. Home Values

Nationally, according to various sources and forecasts home values reached their bottom in February of 2012 and have since appreciated at very robust monthly growth rates. The Zillow Real Estate Market Reports cover 167 metropolitan areas including the Chicago metros, which included the North Suburban communities- of which 98 showed quarterly home value appreciation. Overall, national home values are back to January 2004 levels, having fallen 22.9% since their peak in May of 2007.

4. Outlook

Nationally and locally, it is believed that housing has finally turned a corner, and the forecast calls for U.S. home values to increase by 1.1% over the next year! More info HERE

For an in-depth review of this or similar topic, feel free to stop by our Coldwell Banker Residential Real Estate brokerage office. Any of our high performing real estate professionals can guide you. We are located at 640 Vernon Ave, Glencoe, IL-60022.

Glencoe-North Shore Market Trends: Update June-July2012

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Steady, stabilizing Chicago-North Shore area real estate data just released for May-2012, shows home sale performance was the best since 2007 figures.  Year-over-year median sales prices moved into positive territory in the Chicago area for the first time in more than four years, per figures released by the Illinois Association of REALTORS®.

Additionally an ongoing incentive for North Shore buyers, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore-Central region was 3.83 percent in May 2012, down from 3.89 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in May it averaged 4.67 percent. Additional mortgage rate detail for the area can be seen in the NSBAR-North Shore-Barrington Association of Realtors figures below (click to enlarge):

More than half of Illinois counties reporting (59 of 100) showed year-over-year home sales increases in May 2012. Fifty-one (51) counties including Chicago’s North Shore area showed year-over-year median price increases including Cook, up 3.0 percent.

Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois states: “For the first time since the recession began, median house prices are increasing on an annual basis and are forecast to continue this trend through the end of the summer. The weaker than expected job figures for the last few months appear not to have affected the housing market; inventories are down, sales volumes are up and the pending sales index is at its highest point since 2008.” Statistical data created by NSBAR supports the current trend of decreased inventory with increased demand for North Shore real estate. The figure below represents the ratio of houses for sale volume vs. the number of North Shore homes sold or sales volume. The higher the S/D (supply/demand) ratio, the more supply there is in relation to demand (click to enlarge):

The statewide home sales figures (including single-family homes and condominiums) in May 2012 totaled 11,984 homes sold, up 22.1 percent from 9,815 home sales in May 2011. This was the best May performance since 2007 when 14,493 homes were sold in Illinois. Specifically on Chicago’s North Shore first time home buyers, investors, as well as buyers making a move up are experiencing ongoing low interest rates and exceptional pricing.  Rental supply of homes appears to be dropping, with the rate of rent increasing. Once indecisive buyers are making a move and getting back into the real estate market, ready to buy NOW!

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

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 June-July 2012 for the period May 1 through May 31, 2012. 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.

Use our North Shore Coldwell Banker Residential Real Estate office as a source of information and a guide for real estate statistics, reports, analysis, trends, outcomes, and overall insight for North Shore markets.  We are located at 640 Vernon Ave in downtown Glencoe, Illinois 60022. Any of our top performing real estate professionals can assist you.

New Listing-4525 Lindenwood Ln., #Northb

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New Listing-4525 Lindenwood Ln., #Northbrook..MAINTENANCE FREE 1 FLOOR LIVING..See Tour! http://ow.ly/i/Ic6y http://ht.ly/bITHV

Just Listed-864 Osterman Ave., #Deerfiel

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Just Listed-864 Osterman Ave., #Deerfield..Move right in! Renovated home in the heart of town. http://ow.ly/i/Ic3S http://ht.ly/bITlA

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