Glencoe-North Shore Market Trends: Update February-March2014

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It was cold, but things are still warming up…Chicago North Shore real estate inventory levels in January dipped 7.5 percent compared to last year, but median home prices climbed 9.6 percent over previous-year levels, according to recent market action reporting from the Illinois Association of REALTORS®.

The severe Midwestern temperatures affected seasonal trends in January. In spite of old man winter, and a slight dip in buyer traffic, prices remained competitive, with robust indications that Chicago North Shore real estate will continue to show strength as we enter into the spring season. As an example, North Shore Listings under Contract were up 2.8 percent to 506. Inventory levels shrank 24.7 percent to 2,184 units. Prices marched higher. The Median Sales Price increased 28.6%. Market Times were down 34.7 percent to 107 days. This is the time to reassess real estate situations.  Getting a fresh comparative market analysis might be ideal at this point in time. Interest rates remain appealing and should remain at lower levels but are expected to creep higher in 2014. Information provided and supported by the North Shore Barrington Association of Realtors and Midwest Real Estate Data, LLC. See the supporting image below (click to enlarge):

January-MarketStatus-2014

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.46 percent in January 2014, down from 4.48 percent in December, according to the Federal Home Loan Mortgage Corp. In January 2013 it averaged 3.40 percent.

Thirty (30) of 102 counties in Illinois showed annual home sales increases in the month of January 2014. Forty-three (43) counties showed year-over-year median price increases including Northern Shore Cook, up 19.4 percent. Chicago North Shore investor opportunities and first-time homebuyers are still finding attractive deals in a market that we might not see again for many years.

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 Feb. 7, 2014 for the period Jan. 1 through Jan. 31, 2014 and will continue into March of 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.

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

Think Spring!  Now may be one of the best times in history to buy, sell and/or invest in real estate on Chicago’s North Shore. Having an experienced, top producing, top performing high ranking, real estate professional as your resource is paramount to finding the right North Shore fit.  Are you relocating to the North Shore of Chicago this spring season?  Gloria Matlin has been a relocation expert for well over 30 years. Her insight and accurate pulse on the market will make it easier to focus on where you’re going not where you’ve been. Gloria Matlin’s home office is located at 640 Vernon Avenue, in the heart of the historic downtown village district of Glencoe, Illinois 60022.

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Real Estate Outcomes August2013: Chicago’s North Shore

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Market-August2013Property Sales

Outstanding pre-fall Chicago North Shore market action reports; August North Shore property sales were up 13.4% from sale totals in August of 2012 and -1.5% lower than the sales results last month. August 2013 sales were at their highest level compared to August of 2012 and 2011. August YTD sales are running 25.3% ahead of last year’s year-to-date sales.

Prices

The Median North Shore-Chicago sales Price in August was up 2.0% compared to data results in August of 2012 and up 1.0% from last month. The Average Sales Price in August was up 6.3% compared to sales figures in August of 2012 and up 5.1% from last month. August 2013 ASP was at highest level compared to August of 2012 and 2011.

Inventory & MSI

The Total Inventory of North Suburban properties available for sale as of August 2013 was down -11.0% from  last month and down -32.7% from  reports released in August of last year. August 2013 Inventory was at the lowest level compared to August of 2012 and 2011.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2013 MSI of 2.7 months was at its lowest level compared with August of 2012 and 2011.

Market Time

The average Chicago-North Shore Days On Market (DOM) shows how many days the average 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 August was 50, down -9.1% from 55 days last month and down -34.2% from 76 days in August of last year. The August 2013 DOM was at its lowest level compared with August of 2012 and 2011.

Inventory / New Listings / Sales

The image above of the market combines monthly inventory of Chicago Northern Shore Properties for sale along with New North Shore Listings and Sales. The provided above calculations show the basic annual seasonality of the North Shore market as well as the relationship between these items. The number of New North Shore Listings in August 2013 was down -18.8% from last month and up 9.8% from August of last year 2012.

Sustained Realtor sales performance, top producing results, enthusiasm, an accurate pulse on the North Shore market, over two decades of trusted real estate experience, repeated national recognition for personalized luxury real estate service; these phrases describe Gloria Matlin, the consummate Chicago North Shore real estate professional.  Stop by her high ranking Coldwell Banker office in Glencoe for a review of similar and various market reports, analysis, history or general area information- 640 Vernon Ave, Glencoe, Illinois-60022.

Glencoe-North Shore Market Trends: Update June-July2013

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The best in 6 years! North Shore Chicago, Illinois home sales increased 24.4 percent over previous-year volume in May and median prices increased 6.9 percent based on recent market action reporting from the Illinois Association of REALTORS®. This update represents the 23rd consecutive months of year-over-year sales increases in the north suburban Chicago area and the strongest May since 2006 when 17,622 homes were sold statewide.

Within Chicago’s North Shore, buyers are still highly motivated and steadily increasing housing market figures. Home prices reflect the strong demand and high sales results, approaching pre-recession status, a stable sign that the market has rebounded. In addition, despite a slight increase the average commitment rate for a 30-year, fixed-rate mortgage for the North Central region at 3.55 percent in May 2013, up from 3.42 percent during the previous month; the rates are still appealing compared to Last May when they averaged 3.83 percent. Information provided by the Federal Home Loan Mortgage Corp. Lastly, it is important to highlight that market time within the North Shore area and throughout the state dropped substantially in May with listings averaging 69 days until sale, a 25 percent drop compared to 92 days in May 2012.  See supporting data in the image below from The North Shore Barrington Association of Realtors and Midwest Real Estate Data LLC (click to enlarge):

ListPriceData-May2013

 

According to Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois, “all the indicators point to a strong three-month period of growth, even in median prices. Mortgage rates are starting to inch upwards but the rates are still attractive enough not to dampen the momentum”.

ViewMag-GloriaMatlin

Fifty-nine (59) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in May 2013. Forty-nine (49) counties showed year-over-year median price increases including North Suburban Cook, up 9.4 percent.

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 June 7, 2013 for the period May 1 through May 31, 2013 and into June and July of 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.

The Illinois Association of REALTORS® is a voluntary trade association whose 41,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.

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

As a trusted real estate resource on the North Shore’s of Chicago for well over 25 years, Gloria Matlin provides timely market updates like the above blog post each month. Follow this blog for ongoing market action reports, history and real estate conditions analysis, North Shore homes for sale, North Shore homes for rent, recent sales, as well as Chicago Northern Community-places to go, things to do and top rated events.

Have a great 4th of July Holiday!  More holiday and summer events on the North Shore of Chicago can be found HERE and HERE.

 

Summer Real Estate Trends to Follow-North Shore-Chicago Real Estate

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As the North Suburban market in Chicago heats up and sellers as well as buyers regain control, here are a couple of trends to review and consider:

North Shore Summer Trends 2013

Summer

Real Estate Outcomes April2013: Chicago’s North Shore

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AprilReport-2013Property Sales

April 2013 Chicago– North Suburban Glencoe real estate property sales were up 163.6% compiled against market action data in April of 2012 and topped 50.0% higher than sales performance last month. April 2013 sales totals were at their highest level compared to April of 2012 and 2011. April YTD sales are running 20.0% ahead of last year’s year-to-date sales production reports.

 Prices

The Median North Shore Sales Price in April was up 15.1% from totals released in April of 2012 and up 22.4% from last month. The Average Sales Price in April was up 4.1% compared to outcomes in April of 2012 and up 16.0% from last month. April 2013 ASP (average sales price) was at a mid-range compared to April of 2012 and 2011.

 

Inventory & MSI

The Total Inventory of Properties available on Chicago’s North Shore for sale as of April was equal to last month and down -34.3% from totals in April of last year. April 2013 real estate Inventory was at the lowest level compared to April 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 April 2013 MSI (months’ supply of inventory) of 3.7 months was at its lowest level compared with April of 2012 and 2011 inventory rank.

 Market Time

The average Days on the Market (DOM) shows how many days the average 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 April was 50, down -16.7% from 60 days last month and down -56.1% from 114 days in April of last year. The April 2013 DOM was at its lowest level compared with April of 2012 and 2011 analysis.

Inventory / New Listings / Sales

The summary view of the market above combines monthly inventory of Chicago North Shore Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the North Shore market as well as the relationship between these items. The number of New Listings in April 2013 was up 8.7% compared to last month and down -7.4% from totals ranked in April of last year.

Highest performing Chicago-North Shore Realtor by rank, and within the top 1% of real estate professionals nationwide; Gloria Matlin is your source for optimal service along with an extensive experience base spanning 25+years.  She can be found in the North Suburb’s best producing real estate office-Coldwell Banker in Glencoe, Ill-640 Vernon Ave,60022. Feel free to stop in for questions on this report and other real estate market indicators, analysis, home/property values, projections, conditions, and forecasts. More information HERE and HERE

 

Real Estate Outcomes January2013: Chicago’s North Shore

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New PictureProperty Sales

Chicago’s North Shore Glencoe January Property sales were equal to volume trends generated in January of 2012 and 14.3% higher than real estate market action reporting last month.

Prices

The Median Glencoe-North Shore Sales Price average in January was down -3.4% compared to real estate reporting in January of 2012 and up 9.6% from last month. The Average Sales Price in January was down -50.6% from real estate data recorded  in January of 2012 and up 26.0% last month. January 2013 ASP (average sales price) was at the lowest level compared to January of 2012 and 2011.

Inventory & MSI

The Total Inventory of North Suburban Glencoe Properties available for sale as of January was up 1.7% from volume reported last month and down -37.1% from figures totaled in January of last year. January 2013 Inventory was at the lowest level compared to January of 2012 and 2011.

A comparatively lower MSI is more beneficial for Chicago North Shore sellers while a higher MSI is better for Chicago North Shore buyers. The January 2013 MSI of 7.6 months was at its lowest level compared with January of 2012 and 2011.

Market Time

The average Days on Market for Glencoe (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 Glencoe Buyer’s market, a downward trend a move towards more of a Glencoe Seller’s market. The DOM for January was -21.6% from data reported last month and down -35.0% days totaled in January of last year. The January 2013 DOM was at its lowest level compared with January of 2012 and 2011.

Inventory / New Listings / Sales

‘The graph view provided above of the North Shore Chicago market combines monthly inventory of Glencoe 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 January 2013 was up 1150.0% from last month and up 13.6% from January real estate reporting provided last year.

For additional market action data, analysis, projections, recommendations, with real estate reporting focused on specific North Shore Chicago communities such as Winnetka, Wilmette, Highland Park, Kenilworth, Northbrook, Deerfield, Northfield, Lincolnshire, Buffalo Grove, Glenview, and Skokie; feel free to stop in to the highest performing residential real estate office in Glencoe-Coldwell Banker at 640 Vernon Ave., 60022-The heart of downtown center. The place Gloria Matlin, Realtor/Broker calls her professional home.

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

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