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.

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Real Estate Outcomes December2011: Chicago’s North

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Property Sales

As of January 2012, North Shore December Real Estate Property sales were up 10.0% from 10 in December of 2010 and 37.5% higher than the  8 sales last month.  December 2011 sales were at a mid level compared to December of 2010 and 2009.  December YTD sales of 137 are running 24.5% ahead of  last year’s year-to-date sales of 110.

Prices

The Median Sales Price in December was $712,000, up 24.6% from $571,500 in December of 2010 and down -28.4% from $993,750 last month.  The Average Sales Price in December was $800,136, down -8.0% from $869,500 in December of 2010 and down -38.5% from $1,301,563 last month.  December 2011 ASP was at the lowest level compared to December of 2010 and 2009.

Inventory & MSI

The Total Inventory of North Shore properties available for sale as of December was 84, down -12.5% from 96 last month and down -20.0% from 105 in December of last year.  December 2011 Inventory was at the lowest level compared to December of 2010 and 2009.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.  The December 2011 MSI of 7.6 months was at its lowest level compared with December of 2010 and 2009.

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 December was 88, down -60.5% from 223 days last month and down -8.3% from 96 days in December of last year.  The December 2011 DOM was at its lowest level compared with December of 2010 and 2009.

Inventory / New Listings / Sales

‘This last view of the market combines monthly inventory of Properties for sale along with Chicago’s North Shore New MLS 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 December 2011 was 7, down -22.2% from 9 last month and down -22.2% from 9 in December of last year.

 

For a complete list or Market Action reports for other North Shore locations like Winnetka, Wilmette, Northfield, Deerfield, Kenilworth, Glenview, Skokie, Lincolnshire, Highland Park as well as Glencoe stop by our downtown location of Coldwell Banker.  A top producing office offering exceptional North Shore Real Estate service for more than 40 years. We also offer active mortgage rate information through PHH mortgage. Stop by today, we’d love to help!

Glencoe-North Shore Market Trends: Update Dec-January2012

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What a great way to end the year, with continual North Shore real estate news…Illinois home sales were up 14.2 percent in November!!

According to the Illinois Association of REALTORS® (IAR) latest report, statewide home sales (including single family and condominiums) in November 2011 totaled 7,954 homes sold, up 14.2 percent from 6,966 home sales in November 2010.

“Signs are emerging that a recovery in the housing market is underway including the steady uptick in home sales activity, which is expected to continue into the new year. As we move through the distressed properties, predominant in the Chicagoland market, and begin to see more positive reports on the jobs front we will be looking for some stabilization in home prices to coincide with the rising home sales”; said REALTOR® Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS®.

The added bonus, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.0 percent in November 2011, down from 4.07 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in November it averaged 4.30 percent.

In the nine-county Primary Metropolitan Statistical Area including Chicago’s North Shore-Glencoe (PMSA), home sales (single family and condominiums) in November 2011 totaled 5,453 homes sold, up 20.7 percent from November 2010 sales of 4,518 homes. The median price in November 2011 was $150,000 in the Chicago PMSA, down 14.3 percent compared to last year in November when it was $175,000.

“Little by little, there is some accumulating evidence that there may be some measure of recovery in the housing market,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

Fifty-two percent of Illinois counties reporting (52 of 100) showed year-over-year home sales increases in November 2011. Forty-one percent (41 of 100) showed year-over-year median price increases including Cook county.

“The market is being stimulated by buyers who are doing their homework and buying at the most compelling price they can, while sellers are working aggressively with their REALTORS® to price their homes to sell,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS®.

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 December 7, 2011 for the period November through December, 2011..ending reflection through January 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.

For the complete view of stats, analysis, reports, outlook or forecasts visit the Illinois REAL site: HERE

Gloria Matlin’s office is located at 640 Vernon Ave, downtown Glencoe, Illinois.  The top producing, top ranked office has been serving the North Shore real estate market for over 45 years.  We provide up to date-real time and relevant market data, property reports, mortgage resources, things to do and see/events in the community, general area information, inventory lists which can include homes for sale, as well as homes for rent on Chicago’s North Shore.  Stop by today, we look forward to providing optimal service!

Real Estate Outcomes November2011: Chicago’s North Shore

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Property Sales

November property real estate sales for Chicago’s North Shore were 8, down -27.3% from 11 in November of 2010 and -33.3% lower than the 12 sales last month. November 2011 sales were at their lowest level compared to November of 2010 and 2009. November YTD sales of 126 are running 26.0% ahead of last year’s year-to-date sales of 100.

Prices

The Median Sales Price for Glencoe in November for example, was $993,750, up 52.9% from $650,000 in November of 2010 and up 7.5% from $924,500 last month. The Average Sales Price in November was $1,301,563, up 25.8% from $1,035,005 in November of 2010 and up 28.6% from $1,012,053 last month. November 2011 ASP was at highest level compared to November of 2010 and 2009.

Inventory & MSI

The Total Inventory of Properties available for sale as of November was 96, down -9.4% from 106 last month and down -17.9% from 117 in November of last year. November 2011 North Shore real estate Inventory was at the lowest level compared to November of 2010 and 2009 reports. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for North Shore buyers. The November 2011 MSI of 12.0 months was at a mid range compared with November of 2010 and 2009.

Market Time

The average Days On Market(DOM) shows how many days the average North Shore real estate 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 November was 223, up 99.1% from 112 days last month and up 89.0% from 118 days in November of last year. The November 2011 DOM was at its highest level compared with November of 2010 and 2009.

Inventory / New Listings / Sales

This last view of the market combines monthly inventory of Properties for sale along with New Listings and Chicago’s North Shore 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 November 2011 was 9, down -57.1% from 21 last month and down -50.0% from 18 in November of last year.

Glencoe-North Shore Market Trends: Update Nov-Dec2011

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A Continuation of great North Shore real estate news…according to the Illinois Association of REALTORS® (IAR) latest report released last week, statewide home sales (including single family and condominiums) in October 2011 totaled 8,536 homes sold, up 15.3 percent from 7,402 home sales in October 2010. The statewide median price in October was $130,000, down 10.3 percent from $145,000 in October 2010. The median is a typical market price where half the homes sold for more, half sold for less.

In the nine-county Chicago Primary Metropolitan Statistical Area including North Shore real estate (PMSA), home sales (single family and condominiums) in October 2011 totaled 5,778 homes sold, up 23.7 percent from October 2010 sales of 4,670 homes. The median price in October 2011 was $149,900 in the Chicago PMSA, down 15.3 percent compared to last year in October when it was $177,000.

“The continued expectation of some gains in housing sales after several months of positive activity trends suggest that some buyers are seeing value in the market.” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “The economy continues to be a drag on the housing market recovery with U.S. recovery affected by the turmoil in Europe.”

“The increase in units sold in the city of Chicago continues to show the absorption of distressed properties (short sales and or foreclosures) in the market,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS® and broker-owner of Bob Floss and Son Realty. “Prospective buyers in the market are making investments that make sense long-term. Those who haven’t considered buying are encouraged to work with a REALTOR® to assess their individual buying power in today’s market, re-evaluate renting options and plan how they may make a purchase given historically low interest rates and their own financial ability.”

Forty-seven percent of Illinois counties reporting including cook county, (47 of 100) showed year-over-year home sales increases in October 2011.

Sales and price information is generated from a survey of Multiple Listing Service  (MLS) sales reported by 31 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of November 2011 reported for the period October 1 through October 31, 2011. 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 reports, stats, data, analysis at the University of Illinois REAL forecast www.illinoisrealtor.org/marketstats.  Or for the entire view of this article Visit

Reports can also be printed at my top producing North Shore real estate office-640 Vernon Ave, Glencoe, Illinois 60022