Glencoe-North Shore Market Trends: Update August-September2012

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Sustained progress! North Shore-Chicago August 2012 real estate home sales hit a top surge of 23.7% over previous year volume data, part of a 14-month continual run of sales increases based on figures recently released by the Illinois Association of REALTORS®.

More than half of Illinois counties reporting, including Cook and Lake showed year-over-year home sales increases in August 2012. In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in August 2012 totaled 9,240 homes sold, up 28.5 percent from August 2011 sales of 7,188 homes.

Statewide home sales including North Suburban Chicago, (including single-family homes and condominiums) in August 2012 totaled 13,264 homes sold, up from 10,721 home sales in August 2011. IAR has seen year-over-year increases since July 2011, and the data reflects a 7 percent gain over July 2012’s sales of 12,392 units.

Signs of a turn-around continue to be a solid reality on Chicago’s North Shore, with homes selling and prices increasing/stabilizing. Listings under contract in the North Shore region were up 47.1%. Inventory levels shrank 31.4%.  Market times were down 14.6%. Mortgage rates appear to sustain buyer and seller appeal with historic lows. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the Chicago North Suburban-North Central region was 3.60 percent in August 2012, up from 3.54 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last year in August it averaged 4.26 percent. This information is supported and displayed in the figure below care of the North Shore-Barrington Association of Realtors and MRED (click to enlarge):

Among trends emerging in August was how foreclosed/distressed properties are beginning to work through the court system stated Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. He added the data suggests foreclosure resolutions are now “clearing the market more rapidly than new additions.”  Again, this information is supported and displayed in the figure below care of the North Shore-Barrington Association of Realtors and MRED (click to enlarge):

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 Sept-October 2012 for the period Aug. 1 through Aug. 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.

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

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Glencoe-North Shore Market Trends: Update April-May2012

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As of April2012, North Shore-Illinois real estate home sales reports reflect the best housing conditions in four years according to the Illinois Association of REALTORS®!

Statewide home sales including Chicago’s North Shore-Cook County area (single-family homes and condominiums) in March 2012 totaled 9,575 homes sold, up 21.1 % from 7,904 home sales in March 2011. This was the best March real estate performance since 2007 when 11,979 homes were posted as being sold.

“Sales volumes are up, time-on-the-market levels are down significantly from a year ago and prices appear to be stabilizing in Illinois although continuing to fall in Chicago. Further, in the last month there was a more even spread of sales prices compared to previous months where homes sold for less than $200,000 dominated the market;” according to said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois.

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central as well as the North Shore region was 3.99 percent in March 2012, down from 3.91 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in March it averaged 4.86 percent.

In the nine-county Primary Metropolitan Statistical Area (PMSA) which includes Chicago’s North Shore, home sales (single family and condominiums) in March 2012 totaled 6,590 homes sold, up 23.8 percent from March 2011 sales of 5,323 homes. The median price in March 2012 was $151,850 in the Chicago PMSA, down 3.9 percent compared to last year’s data in March when it was $158,000.

Distressed properties-foreclosures which were once backed up in the court system are beginning to be resolved, interest rates continue to be at near-record lows and prices are attractive; mentioned Alonzo Loretta president of the Illinois Association of REALTORS®  . Bob Floss, president of the Chicago Association of REALTORS® stated that “REALTORS® are continuing to see an increase in the number of buyers looking to buy a home today, as rents are going up and interest rates are at an all-time low. I could not agree more!

More than half of Illinois counties reporting showed year-over-year home sales statistics increases in March 2012. Sixty-seven (67) counties showed year-over-year median price increases including North Shore Cook County-Glencoe areas.

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-North Shore real estate Data LLC data as of April 7, 2012 for the period March 1 through May 2012. The Chicago-North Shore 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 at www.illinoisrealtor.org/marketstats or HERE

Our Coldwell Banker Residential Real Estate office, (located in Glencoe’s downtown district-640 Vernon Ave, 60022) is a wealth of North Shore real estate information. Our award winning realtors can answer questions about real estate reports, market conditions, statistics, projections and real estate history.  Stop in today for a free market summary.

Glencoe-North Shore Market Trends: Update March-April2012

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North Shore real estate experiences the 8th consecutive month of home sales increases, according to reports released by the Illinois Association of REALTORS®! The 15.1 percent increase in North Shore sales is the strongest report since 2008 housing data.

Several factors contributed to the North Shore sales increases, including quick movement of distressed properties through the legal system, interest rates remaining at historic lows (The monthly average commitment rate for a 30-year, fixed-rate mortgage for the Chicago-North Shore region was 3.91 percent in February 2012) and prices that are seen by many North Shore consumers as a once-in-a-lifetime buying opportunity.

Statewide home sales including Chicago’s North Shore-Cook County (single-family homes and condominiums, foreclosure, short sale properties included) in February 2012 totaled 6,487 homes sold, up 15.1 percent from 5,634 home sales in February 2011. The statewide median price in February was $117,000, down 8.2 percent from $127,500 in February 2011.

“People seem to be feeling better about where the economy is going,” said Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS® “When you have interest rates and housing prices this low homebuyers are highly motivated to get back into the market.

” This spring surge is typical in a cyclical housing market with activity levels high when the weather warms. However, this year’s spring surge is stronger and came earlier than last year, according to Hewings- Dr. Geoffrey J.D. Hewings, University of Illinois. He added that the U.S. unemployment rate was unchanged at 8.3, a sign of stability in the economy.

In the nine-county Chicago-North Shore-Cook County Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in February 2012 totaled 4,325 homes sold, up 14.8 percent from February 2011 sales of 3,769 homes. The median price in February 2012 was $135,000 in the Chicago PMSA, down 11.5 percent compared to last year in February when it was $152,500.

Sales and price analytics are generated by the North Shore Multiple Listing Service closed sales reported by 31 participating north shore realtors- Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of March 7, 2012 through April 2012; and for the period February 1 through February 29, 2012.

Find Illinois housing statistics, reports, analysis, area conditions data and projections at the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.   You may also stop by our Coldwell Banker office, located in downtown Glencoe, IL for updates on North Shore homes for sale, North Shore property sales, or to get other real estate related trends. We are your valued North Shore Realtors resource.

 

 

Real Estate Outcomes February2012: Chicago’s North Shore

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Property Sales

As we make our way into March 2012, February North Shore real estate Property sales were up 33.3% from February of 2011 and equal to 0.0% 8 sales last month. February 2012 sales were at their highest level compared to February housing data of 2011 and 2010. February YTD sales of 16 are running -5.9% behind last year’s year-to-date sales of 17.

Prices

The Chicago North Shore Median Glencoe Sales Price in February was $482,000, down -47.4% from $916,000 in February of 2011 and down -34.6% from $737,500 last month. The Average Sales Price in February was $732,750, down -33.8% from $1,107,000 in February of 2011 and down -53.1% from $1,562,813 last month. February 2012 ASP was at a mid range compared to February market reports of 2011 and 2010.

Inventory & MSI

The Total Inventory of Properties available for sale as of February was 91, up 1.1% from 90 last month and down -12.5% from 104 in February of last year. February 2012 Inventory was at the lowest level compared to February of 2011 and 2010. A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for buyers. The February 2012 MSI of 11.4 months was at its lowest level compared with February of 2011 and 2010.

Market Time

The average 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 Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for February 2012 was 167, up 42.7% from 117 days last month and up 16.0% from 144 days in February of last year. The February 2012 DOM was at its highest level compared with February of 2011 and 2010.

Inventory / New Listings / Sales

This last view of the North Shore-Glenoce market combines monthly inventory of Properties for sale along with New property listings and sales. The graph (see above) shows the basic annual seasonality of the North Shore-Glencoe real estate market as well as the relationship between these items. The number of New Listings in February 2012 was 24, up 14.3% from 21 last month and up 4.3% from 23 in February of last year based on recent analytics and MLS statistics.

The top performing Coldwell Banker real estate office located in Glencoe’s downtown center-640 Vernon Ave, 60022; has been the cornerstone for North Shore community living for over 40 years. Feel free to stop in to discuss this report, or to gather information on current market conditions, get the latest on mortgage rates or simply a map to get you more familiar with the North Shore neighborhoods. We pride ourselves on providing exceptional service and attention for Chicago’s premier North Shore.