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.

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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.

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More Great North Shore & Glencoe Housing News!

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“In the Chicagoland Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) totaled 5,710 homes sold, up 7.3 percent from 5,324 sales in March 2011 and down 19.2 percent from April 2010 sales of 7,070 homes. The median price in April 2011 was $162,500 in the Chicago region, up 2.8 percent from $158,000 in March 2011 and down 14.5 percent compared to last year in April when it was $190,000.”

“The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 4.87 percent in April 2011, even with 4.86 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in April it averaged 5.17 percent.”

“Promising signs continue in both the housing market and in the economy. Our sales forecast shows that the housing sales volume will continue to increase for the next two months, with a monthly growth of 11 to 16 percent for Illinois and a monthly growth of 8 to 17 percent for Chicago. The forecasts indicate that the housing market will reach its 2011 peak in June,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “The economy is moving in a positive direction. Both the national and the state job market continue to show solid gains of economic recovery.”

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