Glencoe-North Shore Market Trends: Update July-August2013

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Chicago North Shore real estate sales figures surged in the month of June according to the recent market reporting by the Illinois Association of REALTORS®. Statewide home sales increased 14.9% over previous-year levels in June and median prices increased 9.7%, maintaining an impressive span of sales gains that show resurgence in the housing market is ongoing. This marks 24 consecutive months of year-over-year sales increases in the North Shore-Chicago region.

The recent North Suburban gains are representative of housing market recovery statewide. Eagerness on the part of buyers shows no signs of slowing down even with rising home prices. All signs of a move towards a consistently stable housing market.  In addition the North Shore days on the market time has fallen averaging 30.8 percent to 112 days. Absorption rates improved as Month’s Supply of Inventory was down 46.7 percent to 4.5 months. New Listings in the North Shore-Barrington region increased 16.0 percent to 1,259. Listings Under Contract were up 27.4 percent to 880. Inventory levels shrank 31.3 percent to 2,927 units. The Median Sales Price increased 6.0 percent. These figures create an ideal time for sellers to enter the market and buyers to take advantage of ideal affordability. Data provided by the North Shore-Barringtion Association of Realtors and Midwest Real Estate Data, LLC. See the supporting image below (click to enlarge):

MarketOverview-June13

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.09 percent in June 2013, up from 3.55 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last June it averaged 3.67 percent. Although Rising interest rates “appear not to be dampening demand and continued upward pressure on rental prices is clearly encouraging more potential buyers into the market;” stated Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. See supporting data image below (click to enlarge):

InterestRates-June13Forty-seven (47) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in June 2013. Forty-four (44) counties showed year-over-year median price increases including Cook, up 16.7.

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 July 7, 2013 for the period June 1 through June 30, 2013 and will continue into July and August 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. Find Illinois housing stats, data and the University of Illinois REAL forecast atwww.illinoisrealtor.org/marketstats.        

 

Look to Gloria Matlin, A top selling Chicago-North Shore Realtor with a long standing profile of successful client focused results. She produces a consistent level of quality real estate services, and goes above and beyond to ensure each and every one of her client’s dreams come true.  As North Shore real estate professional for over 25 years, she maintains her national top 1% elite status by performing at an optional level all while maintaining her commitment to yielding happy clients; whether someone is looking to relocate to the North Shore, or are first time buyers, downsizing, upgrading to a luxurious property, or even for the seasoned investor, she is North Shore-Chicago’s consummate real estate resource.  She calls Glencoe’s downtown Coldwell Banker Residential Real Estate office on 640 Vernon Ave-60022…home!

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Real Estate Outcomes January2013: Chicago’s North Shore

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New PictureProperty Sales

Chicago’s North Shore Glencoe January Property sales were equal to volume trends generated in January of 2012 and 14.3% higher than real estate market action reporting last month.

Prices

The Median Glencoe-North Shore Sales Price average in January was down -3.4% compared to real estate reporting in January of 2012 and up 9.6% from last month. The Average Sales Price in January was down -50.6% from real estate data recorded  in January of 2012 and up 26.0% last month. January 2013 ASP (average sales price) was at the lowest level compared to January of 2012 and 2011.

Inventory & MSI

The Total Inventory of North Suburban Glencoe Properties available for sale as of January was up 1.7% from volume reported last month and down -37.1% from figures totaled in January of last year. January 2013 Inventory was at the lowest level compared to January of 2012 and 2011.

A comparatively lower MSI is more beneficial for Chicago North Shore sellers while a higher MSI is better for Chicago North Shore buyers. The January 2013 MSI of 7.6 months was at its lowest level compared with January of 2012 and 2011.

Market Time

The average Days on Market for Glencoe (DOM) shows how many days the average North Shore-Glencoe Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Glencoe Buyer’s market, a downward trend a move towards more of a Glencoe Seller’s market. The DOM for January was -21.6% from data reported last month and down -35.0% days totaled in January of last year. The January 2013 DOM was at its lowest level compared with January of 2012 and 2011.

Inventory / New Listings / Sales

‘The graph view provided above of the North Shore Chicago market combines monthly inventory of Glencoe 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 2013 was up 1150.0% from last month and up 13.6% from January real estate reporting provided last year.

For additional market action data, analysis, projections, recommendations, with real estate reporting focused on specific North Shore Chicago communities such as Winnetka, Wilmette, Highland Park, Kenilworth, Northbrook, Deerfield, Northfield, Lincolnshire, Buffalo Grove, Glenview, and Skokie; feel free to stop in to the highest performing residential real estate office in Glencoe-Coldwell Banker at 640 Vernon Ave., 60022-The heart of downtown center. The place Gloria Matlin, Realtor/Broker calls her professional home.

Glencoe-North Shore Market Trends: Update November-December2012

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Once again, Continued gains for Chicago-North Shore home sales volume, according to a recent report by the Illinois Association of REALTORS®. October sales soared 37.3% over previous-year real estate conditions, and statewide median prices increased 3.0%.

The October median price reflects a 12.9 percent gain from the year’s low. The median is a typical market price where half the homes sold for more and half sold for less. On the North Suburban Shore we are seeing strong sales and decreased market times as we enter the last quarter of this year. Listings Under Contract were up 52.7 percent to 643. Inventory levels shrank 34.6 percent to 3,315 units. Market Times were down 4.6 percent to 152 days. Absorption rates improved as the Month’s Supply of Inventory was down 49.7% to 5.8 months. In addition,  the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.36 percent in October 2012, down from 3.49 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last October it averaged 4.07 percent. These figures are encouraging for buyers and sellers alike who appear to be more confident about the housing market. See supporting data from NORTH SHORE BARRINGTON ASSOCIATION OF REALTORS® and MIDWEST REAL ESTATE DATA LLC below (click to enlarge):

Statewide home sales (including single-family homes and condominiums) in October 2012 totaled 11,775 homes sold, up from 8,577 in October 2011. The last time this many houses sold in October in Illinois was in 2006 when 13,067 homes were sold.

Sixty-eight (68) of 101 Illinois counties including Chicago’s North Shore reporting showed year-over-year home sales volume increases in October 2012. More than half (53) counties showed year-over-year median price increases including Cook, up 3.4%. See supporting analysis below (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 Nov. 7, 2012 for the period Oct. 1 through Oct. 31, 2012 reflected into November 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.

The Illinois Association of REALTORS® is a voluntary trade association whose 41,000 members are engaged in all facets of the real estate industry. Find Illinois housing stats, data and the University of Illinois REAL forecast at http://www.illinoisrealtor.org/marketstats.

Let our high performing, best ranking, optimal producing North Shore Realtors be a steady resource. Our Coldwell Banker Residential Real Estate office is located in the downtown district of Glencoe, Illinois-60022(640 Vernon Ave). Stop in and feel free to discuss this report and any other real estate topics that affect the North Shore area of Chicago.

Real Estate Outcomes October2012: Chicago’s North Shore

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Property Sales

Reports reflecting Chicago North Shore real estate market action in October show sales were down -25.0% from October of 2011 data and -10.0% lower than sales figures last month. October 2012 North Shore housing sales were at their lowest level compared to October of 2011 and 2010 conditions. October YTD sales are running 11.9% ahead of last year’s year-to-date sales volume.

Prices

The North Suburban Chicago Median Sales Price in October was down -18.9% from October of 2011 and up 25.8% from last month. The Average North Shore Sales Price in October was up 17.4% compared to October of 2011 data and up 47.9% based on real estate analysis from last month. October 2012 ASP was at highest level compared to October of 2011 and 2010 North Shore homes for sale.

 

Inventory & MSI

The total North Shore Chicago Inventory of Properties available for sale as of October 2012was down -8.5% from last month’s data and down -31.8% from figures calculated in October of last year. October 2012 North Shore real estate Inventory was at the lowest level compared to October of 2011 and 2010 trends.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The October 2012 MSI was at its lowest level compared with October 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 October was up 21.9% from last month’s compiling data and down -20.5% in October of last year. The October 2012 DOM was at its lowest level compared with October of 2011 and 2010 closed sales data.

Inventory / New Listings / Sales

‘The link/image above shows the market data combining monthly inventory of North Shore Properties for sale along with New Listings and Sales along the North Shore of Chicago. The graph shows the basic annual seasonality of the North Shore real estate market as well as the relationship between these items. The number of New Listings in October 2012 was up 16.7% from last month’s formulated data.

Gloria Matlin, based in the high ranking downtown Glencoe, Illinois Coldwell Banker office; can help answer questions on North Shore Chicago real estate reports, conditions, outcomes, forecasts, and calculations. Feel free to stop in.

What to do if or When an Appraisal is Low: North Shore Real Estate

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Whether you are buying or selling on Chicago’s North Shore, the cost of the home is important. North Shore real estate agents often do their own market analysis to price a property—and many times do an outstanding job, but often the use of an appraiser can be beneficial to provide an independent, unbiased opinion to further ensure the price is right on target.

The other side of the coin is that there are still great deals to be had, even with prices increasing. But, if an appraisal doesn’t make the cut, it’s important to be prepared in advance for this scenario. With this in mind, here are the three main tips to consider when the appraisal comes in lower than expected:

1. Create an effect on the money

While adjusting the price up or down may not feel good for the buyer or the seller, it may be a smart move, depending on your situation.

North Shore Buyers, if the long-term value is there and the home is the “love of your life,” it will truly benefit you in the end.

North Shore Sellers, if you need to make the sale and are running out of time, a compromise may be essential. Buyers may also have to spend even more because a decrease in equity could cause you to fall below the lender’s required down-payment threshold, possibly requiring the purchase of private mortgage insurance.

The main question to ask … is it worth it?

2. Consider renegotiation

Just because the appraisal is not what is expected doesn’t mean the sale will not close. However, in a low-inventory North Shore market, sellers may not want to conduct a second appraisal, which means that buyers and sellers have to decide if they want to work together to seal the deal — whether the seller adjusts the price to the appraised value or the buyer and seller renegotiate a new price. Look at how far you’ve come and worked together. It may have taken you both some time to get to this point. Keep in mind that both sides have something to lose by not moving forward after investing time and money in the purchase. If a compromise can be made, it most likely will be. On the flip side, if the North Shore property is in demand, the seller may opt out of negotiating down as they may want to take a chance on someone else paying the difference or going for a cash buyer.

3. Check the report for accuracy

Appraisal reporting can be long, complicated documents, but they can be very revealing if you take the time to read them thoroughly. Make a note of anything that looks off, and verify that the information is correct, not only for the property itself but also for the properties that compare to your own. Confirm that ALL comps are listed — some may not be included on the MLS, and your real estate agent may have to research. Your agent will work with the buyer’s mortgage professional to ensure any discrepancies are relayed to the appraiser. While there is no guarantee that the report will change, it certainly helps to clarify any errors and understand why an appraisal reached a certain price point. Appraisals also point out if there are any secrets lurking within the property’s walls, such as unpermitted additions that add square footage but cannot contribute toward the property’s value. For this reason it’s important that sellers are honest and upfront from the beginning and that buyer’s do a little research before putting in an offer. More information HERE

For more information on this and other North Shore real estate topics, feel free to stop by Gloria Matlin’s real estate office located at 640 Vernon Ave in the downtown district of Glencoe, Illinois 60022. Allow our 40+ years of Chicago North Suburban expertise, guidance, trust, assurance, superior performance, and top-tier volume to be at your disposal.

 

Glencoe-North Shore Market Trends: Update October-November2012

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More 2012 Progress! Chicago-North Shore Real Estate home sales increased 15.9% over previous-year performance volume in September of this year, lengthening a top run of more than a year of sales surge, according to the recent Illinois Association of REALTORS® report. In addition the data revealed the North Suburban market, along with other areas of the state had a median home price increase of 2.2 percent!

Continued North Shore real estate market stabilization has held steady for the first nine months of 2012. Prices, interest rates, and consumer confidence are further intensifying the improvements seen in North Shore communities and around other areas within the state of Illinois.

Listings in the North Shore-Barrington region decreased 11.6 percent to 840. Listings Under Contract were up 49.7 percent to 569. Inventory levels shrank 31.9 percent to 3,617 units. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore-North Central region was 3.49% percent in September 2012, down from 3.60 percent seen in August 2012, according to the Federal Home Loan Mortgage Corp. Last September in 2011 it averaged 4.09 percent. Supporting North Shore real estate data can be seen in the summary figures from the North Shore Barrington Association of Realtors and Midwest Real Estate Data LLC below (click to enlarge).

In the nine-county Chicago-North Suburban Primary Metropolitan Statistical Area (PMSA) including Cook and Lake, home sales (single family and condominiums) in September 2012 totaled 7,484 homes sold, up 24.0 percent from September 2011 sales of 6,035 homes. Forty-five (45) of 101 Illinois counties reporting showed year-over-year home sales increases in September 2012. See supporting real estate analysis in the figures provided below (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 October 7, 2012 for the period September 1 through September 30, 2012 into November 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 atwww.illinoisrealtor.org/marketstats.

Gloria Matlin, a top ranked North Shore Chicago Realtor; is your source to review this and other market action reports/conditions.  640 Vernon Ave, Glencoe, Illinois-60022, in the heart of downtown.

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.

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