Glencoe-North Shore Market Trends: Update May-June2013

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It is official, spring has sprung! Illinois-Chicago Northern Shores home sales increased 25.3% based on previous-year real estate data compiled in April and median North Shore prices topped out at 7.7% percent, according to a recent market action report released by the Illinois Association of REALTORS®. Overall, and statewide this was the best sales volume April performance since 2007.

So far North Suburban real estate figures are reassuring, even with a decrease in the number of homes available for sale. North Shore home prices are increasing slightly due to ongoing home buyer demand, rising rents, and the alluring interest rates that boost North Shore home buyer confidence; resulting in a strong 2013 spring housing market. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore- North Central region was 3.42 percent in April 2013, down from 3.54 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last year in April it averaged 3.89 percent. Listings under Contract within Chicago’s North Shore were up 36.1%. Inventory levels shrank 40.4%. Prices moved higher. The Median Sales Price increased 9.8%. Market Times were down 16.7% according to outcomes collected by The North Shore Barrington Association of Realtors and Midwest Real Estate Data. The fact remains clear; it is still an ideal time to buy, sell or both.  See the supporting image below (click to enlarge):

MarketTime-April13

Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois stated “The housing market is exhibiting signs of a more stable recovery with an anticipated strong early summer led by strong sales gains and more modest but still positive gains in median prices. Average time on the market, the growth in the pending sales index and an increase in the share of total sales captured by more expensive properties point to a return to greater stability in the market.” See supporting image (click to enlarge).

 MarketOverview-13

Fifty-five (55) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in April 2013. Forty-two (42) counties showed year-over-year median price increases including portions of Chicago North Suburban Lake, up 16.1 percent and Cook, up 11.9 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 May 7, 2013 for the period April 1 through April 30, 2013 with continued reporting in June 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. 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® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.

Among Realtors in the Chicago-Northern Suburban area with the highest national sales performance, Gloria Matlin ranks high in customer service, specialized client attention, and profound area knowledge, and has for well over 25 years. She calls Glencoe’s Coldwell Banker Residential Real Estate office home, located at 640 Vernon Ave, 60022, in the downtown district.  Stop in to discuss North Shore homes for sale, Glencoe homes for sale, market condition reports, analysis, outcomes, and forecasts or upcoming annual events like famer’s markets, garage sales, even Ravinia Festival.

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

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Real Estate Outcomes April2013: Chicago’s North Shore

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AprilReport-2013Property Sales

April 2013 Chicago– North Suburban Glencoe real estate property sales were up 163.6% compiled against market action data in April of 2012 and topped 50.0% higher than sales performance last month. April 2013 sales totals were at their highest level compared to April of 2012 and 2011. April YTD sales are running 20.0% ahead of last year’s year-to-date sales production reports.

 Prices

The Median North Shore Sales Price in April was up 15.1% from totals released in April of 2012 and up 22.4% from last month. The Average Sales Price in April was up 4.1% compared to outcomes in April of 2012 and up 16.0% from last month. April 2013 ASP (average sales price) was at a mid-range compared to April of 2012 and 2011.

 

Inventory & MSI

The Total Inventory of Properties available on Chicago’s North Shore for sale as of April was equal to last month and down -34.3% from totals in April of last year. April 2013 real estate Inventory was at the lowest level compared to April 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 April 2013 MSI (months’ supply of inventory) of 3.7 months was at its lowest level compared with April of 2012 and 2011 inventory rank.

 Market Time

The average Days on the Market (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 Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for April was 50, down -16.7% from 60 days last month and down -56.1% from 114 days in April of last year. The April 2013 DOM was at its lowest level compared with April of 2012 and 2011 analysis.

Inventory / New Listings / Sales

The summary view of the market above combines monthly inventory of Chicago North Shore Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the North Shore market as well as the relationship between these items. The number of New Listings in April 2013 was up 8.7% compared to last month and down -7.4% from totals ranked in April of last year.

Highest performing Chicago-North Shore Realtor by rank, and within the top 1% of real estate professionals nationwide; Gloria Matlin is your source for optimal service along with an extensive experience base spanning 25+years.  She can be found in the North Suburb’s best producing real estate office-Coldwell Banker in Glencoe, Ill-640 Vernon Ave,60022. Feel free to stop in for questions on this report and other real estate market indicators, analysis, home/property values, projections, conditions, and forecasts. More information HERE and HERE

 

Glencoe-North Shore Market Trends: Update April-May2013

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North Shore Chicago Real Estate is off to a HOT start for spring!…..According to the Illinois Association of REALTORS®, Illinois home sales increased 13.6% over previous-year data in March and median prices increased 3.6%. Statewide home sales including the North Suburban area in March 2013, totaled 10,992 homes sold, up from 9,679 in March 2012. Statewide real estate market action reports showed monthly year-over-year gains since July 2011.

This period traditionally marks the busiest time in a year for the North Shore real estate market. Currently, listings under Contract were up 36.1%. Inventory levels shrank 40.4% to 2,608 units. Two factors to highlight are the reduced market times before a home sells, along with reduced inventory levels. They support the current intense interest home-buyers have to take advantage of low prices that will ultimately increase, and locking in a desirable interest rate. This is an ideal time for sellers to list homes and sell quickly if priced right. The North Suburban Chicago Spring real estate market is thriving and benefiting buyers and sellers alike. See supporting data from The North Shore-Barrington Association of Realtors and Midwest Real Estate Data LLC  in the image below (Click to enlarge):

April-MarketTime

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Suburban region was 3.54 percent in March 2013, up from 3.49 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last March it averaged 3.99 percent.

Director of the Regional Economics Applications Laboratory of the University of Illinois, Dr. Geoffrey J.D. Hewings stated: “The inventory in both the state and Chicago markets suggest that demand has begun to return to the housing market.” Forty-four (44) of 102 Illinois counties, including the north suburbs of cook and Lake Counties, showed year-over-year home sales increases in March 2013.

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 April 7, 2013 for the period March 1 through March 31, 2013 and will continue with real estate updates in April 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

Gloria Matlin a real estate professional with a long-standing and compelling record of top producing accomplishments in the North Suburbs of Chicago.  She has been a trusted resource providing unparalleled Chicago-North shore real estate insight, performance, knowledge, expertise, and sound guidance for over 25 years. Visit her home base-Coldwell Banker Residential Real Estate office located in Glencoe: 640 Vernon Ave, 60022; or find her HERE for the latest trends, market reports, data, relocation options-designations, and information on her unique client driven approach to real estate.