Real Estate Outcomes May2013: Chicago’s North Shore

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GloMayReport-2013Property Sales

Chicago North Suburban-Glencoe May Property sales were up 17.4% compared to top volume reports in May of 2012 and 13.7% higher than market action results last month. May 2013 North Shore real estate sales were at their highest level compared to May of 2012 and 2011 conditions. May YTD sales are running 26.0% ahead of last year’s year-to-date sales performance.

Prices

The North Shore Median Sales Price in May was down -1.6% from figures produced in May of 2012 and up 2.0% from last month. The Average Sales Price in May was down -2.4% from totals generated in May of 2012 and up 3.0% from last month. May 2013 ASP (average sales price) was at the lowest level compared to May of 2012 and 2011.

 

Selling Price vs. Listing Price

The North Shore Selling Price vs. Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a North Suburban Buyer’s market exists, a ratio at or above 100% indicates more of a North Suburban Seller’s market. The May 2013 Selling Price vs. List Price of 95.8% was up from 95.5% last month and up from 93.2% in May of last year.

Inventory & MSI

The Total North Shore-Glencoe Inventory of Properties available for sale as of May was down -3.1% from last month and down -38.8% from totals reported in May of last year. May 2013 Inventory was at the lowest level compared to May of 2012 and 2011 historical real estate data.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The May 2013 MSI of 3.2 months was at its lowest level compared with May of 2012 and 2011.

Market Time

The average Days on Market (DOM) shows how many days the average North Shore-Chicago 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 May was up 9.5% compared to last month and down -25.7% in market time in May of last year. The May 2013 DOM was at its lowest level compared with May of 2012 and 2011 totals.

Inventory / New Listings / Sales

The graph displayed above of the market combines monthly inventory of North Shore Properties for sale along with New Chicago’s North Shore Listings and Sales. The graph shows the basic annual seasonality of the North Suburban market as well as the relationship between these items. The number of New Listings in May 2013 was up 0.6% from last month’s totals and up 17.0% from market action reporting in May of last year.

Gloria Matlin, is a Glencoe Realtor, Chicago North Shore resident, Blackhawks fan, and the consummate professional providing top tier performance results for over 25 years.  This report, as well as other North Suburban real estate related information, can be provided at Gloria’s home base-Coldwell Banker Residential Real Estate office located at 640 Vernon Ave in the downtown district of Glencoe, Illinois,60022. Providing the highest service in homes for sale, mortgage options, real estate reporting, homes for rent, or a resource for basic community events, this real estate firm has been among the highest producing offices on the North Shores of Chicago for over 45 years. Stop in today with questions or for real estate guidance.

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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.