Glencoe-North Shore Market Trends: Update December-January2014

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The year-end figures continue to trend on a high note…. The IllinoisChicago North Shore housing market saw November median prices rise 7.4% over previous-year levels, according to a recent report by the Illinois Association of REALTORS®.

Statewide home sales (including single-family homes and condominiums) in November 2013 totaled 10,624 homes sold, down from 10,820 in November 2012. Housing inventory Statewide as well as on the North Shore of Chicago in November was down 19.7 percent compared to a year earlier, dropping from 77,109 homes for sale in November 2012 to 61,882 this year.

Classically the notion of supply and demand shows dominance around this time of year. The decrease in the number of homes available on the market may force North Shore consumers who clearly show they want to buy, to pay a higher price point. Note that interest in North Shore real estate purchase remains strong, with attractive rates and the prospect of long-term investing. Listings in the North Shore-Barrington region decreased 3.5 percent to 558. Listings Under Contract were up 14.6 percent to 519. Inventory levels shrank 23.7 percent to 2,531 units. Prices got a lift. The Median Sales Price increased 19.9 percent. Market Times were down 32.6 percent to 97 days. Information provided and/or supported by the North Shore-Barrington Association of Realtors and Midwest Real Estate Data, LLC. See the supplemental image below (click to enlarge):

NorthShore MarketSummary-Nov2013

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore Chicago region was 4.27 percent in November 2013, up from 4.20 percent in October, according to the Federal Home Loan Mortgage Corp. In November 2012 it averaged 3.33 percent.

Thirty-six (36) of 102 Illinois, Chicago North Shore counties showed annual home sales increases in November 2013. Thirty-nine (39) counties showed year-over-year median price increases including Cook, up 13 percent.

Sales and price information is generated by Multiple Listing Service closed sales reported by 30 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Dec. 7, 2013 for the period Nov. 1 through Nov. 30, 2013, and will continue through January 2014. 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. (NOTE: The Decatur Association of REALTORS® data is not included in the November report due to a Multiple Listing Service change.)

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

Wishing you a prosperous, happy, healthy, joyful 2014 new year, filled with top producing, high ranking results, optimal performance, and an abundance of  Chicago North Shore luxury real estate options, throughout the year.

 

 

 

Real Estate Outcomes November2012: Chicago’s North Shore

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GloNovReport2012Property Sales

November 2012 Chicago North Shore-Glencoe property sales surged 50.0% based on volume figures from November 2011, and 33.3% higher than top sales last month. November 2012 sales were at their highest level compared to November of 2011 and 2010 data. November YTD sales ran 14.3% ahead of last year’s year-to-date sales reporting.

Prices

The Median North Suburban-Glencoe Sales Price in November was down -36.6% from sales data reported in November of 2011 and down -16.0% from last month. The Average Sales Price in November was down -37.6% compared to November of 2011 and down -31.6% from last month. November 2012 ASP (average sales price) was at the lowest level compared to November of 2011 and 2010 data.

Inventory & MSI

The Total Inventory of North Shore Properties available for sale as of November was down -5.2% from last month and down -27.7% from November of last year. November 2012 Chicago North Shore Glencoe Inventory was at the lowest level compared to November of 2011 and 2010. MSI is the number of months needed to sell all of the inventory at the monthly sales pace.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The November 2012 MSI of 6.1 months was at its lowest level compared with November of 2011 and 2010.

Market Time

The average North Shore Days On Market (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 Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for November was down -28.1% from last month and down -71.3% from sales history data in November of last year. The November 2012 DOM was at its lowest level compared with November of 2011 and 2010 figures.

Inventory / New Listings / Sales

The view of the market above combines monthly inventory of Chicago North Shore Glencoe Properties for sale along with New North Shore 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 North Shore Listings in November 2012 was down -14.3% from last month and up 100.0% from November of last year outcomes data.

Gloria Matlin, a North Shore Chicago Broker/Agent with a compelling 25+ year record of sustained real estate results; can be found in the Coldwell Banker Residential Real Estate office located in prestigious downtown Glencoe, Illinois-60022. Visits are encouraged to discuss market reports, sales, figures, ranking, predictions, conditions, insight, even holiday community events.

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.