Real Estate Outcomes October2013: Chicago’s North Shore

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Oct-2013North ShoreProperty Sales

North Shore-Chicago October 2013 Property sales were UP 13.8% compared to market action report data released in October of 2012 and -11.6% lower than sales figures calculated last month. October 2013 sales were at their highest level compared to October of 2012 and 2011. October YTD sales are running 26.0% ahead of last year’s year-to-date sales volume totals.

Prices

The Median Northern Shore-Chicago Sales Price in October 2013 was up 14.3% compared to figures in October of 2012 and down -10.3% from last month. The Average North Shore Sales Price in October was up 14.9% from sales totals in October of 2012 and down -5.9% from last month. October 2013 ASP was at highest level compared to October of 2012 and 2011.

Inventory & MSI

The Total Inventory of Chicago-North Shore Properties available for sale as of October was down -10.6% from reporting totals last month and down -27.5% from totals in October of last year. October 2013 Inventory was at the lowest level compared to October of 2012 and 2011.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The October 2013 MSI of 4.0 months was at its lowest level compared with October of 2012 and 2011.

Market Time

The average North Shore 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 North Shore Buyer’s market, a downward trend a move towards more of a North Shore Seller’s market. The DOM for October was up 17.9% from 56 days last month down -25.0% compared to October of last year. The October 2013 DOM was at its lowest level compared with October of 2012 and 2011.

Inventory / New Listings / Sales

The North Shore-Chicago view of the market combines monthly inventory of 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 October 2013 was down -22.5% from market reporting totals last month and up 4.5% from figures in October of last year.

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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.

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.