Glencoe-North Shore Market Trends: Update July-August2013

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Chicago North Shore real estate sales figures surged in the month of June according to the recent market reporting by the Illinois Association of REALTORS®. Statewide home sales increased 14.9% over previous-year levels in June and median prices increased 9.7%, maintaining an impressive span of sales gains that show resurgence in the housing market is ongoing. This marks 24 consecutive months of year-over-year sales increases in the North Shore-Chicago region.

The recent North Suburban gains are representative of housing market recovery statewide. Eagerness on the part of buyers shows no signs of slowing down even with rising home prices. All signs of a move towards a consistently stable housing market.  In addition the North Shore days on the market time has fallen averaging 30.8 percent to 112 days. Absorption rates improved as Month’s Supply of Inventory was down 46.7 percent to 4.5 months. New Listings in the North Shore-Barrington region increased 16.0 percent to 1,259. Listings Under Contract were up 27.4 percent to 880. Inventory levels shrank 31.3 percent to 2,927 units. The Median Sales Price increased 6.0 percent. These figures create an ideal time for sellers to enter the market and buyers to take advantage of ideal affordability. Data provided by the North Shore-Barringtion Association of Realtors and Midwest Real Estate Data, LLC. See the supporting image below (click to enlarge):

MarketOverview-June13

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.09 percent in June 2013, up from 3.55 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last June it averaged 3.67 percent. Although Rising interest rates “appear not to be dampening demand and continued upward pressure on rental prices is clearly encouraging more potential buyers into the market;” stated Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. See supporting data image below (click to enlarge):

InterestRates-June13Forty-seven (47) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in June 2013. Forty-four (44) counties showed year-over-year median price increases including Cook, up 16.7.

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 July 7, 2013 for the period June 1 through June 30, 2013 and will continue into July and August 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.        

 

Look to Gloria Matlin, A top selling Chicago-North Shore Realtor with a long standing profile of successful client focused results. She produces a consistent level of quality real estate services, and goes above and beyond to ensure each and every one of her client’s dreams come true.  As North Shore real estate professional for over 25 years, she maintains her national top 1% elite status by performing at an optional level all while maintaining her commitment to yielding happy clients; whether someone is looking to relocate to the North Shore, or are first time buyers, downsizing, upgrading to a luxurious property, or even for the seasoned investor, she is North Shore-Chicago’s consummate real estate resource.  She calls Glencoe’s downtown Coldwell Banker Residential Real Estate office on 640 Vernon Ave-60022…home!

Real Estate Outcomes February2013: Chicago’s North Shore

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GloFeb2013-1Prices

The Median Chicago/North Shore-Glencoe Sales Price in February was up 144.8% compared to real estate data totals in February of 2012 and up 65.6% from figures reported last month. The Average Sales Price in February was $1,550,000, up 111.5% compared to February of 2012 and up 101.0% based on real estate totals last month. February 2013 North Suburban Glencoe ASP (average sales price) was at highest level compared to February of 2012 and 2011.

 

Property Sales

February Chicago North Shore-Glencoe Property sales were down -50.0% in February of 2012 and -50.0% lower than sales last month. February 2013 sales were at their lowest level compared to February of 2012 and 2011. February YTD sales are running -25.0% behind last year’s year-to-date sales reporting figures.

  

Inventory & MSI

The Total Inventory of Properties available for sale on the North Shore of Chicago-Glencoe as of February was up 11.3% from last month’s market action report totals and down -33.0% compared to February of last year. February 2013 North Shore Inventory was at the lowest level compared to February of 2012 and 2011.A comparatively lower MSI is more beneficial for North Suburban sellers while a higher MSI is better for North Suburban buyers. The February 2013 MSI of 17.3 months was at a mid-range compared with February of 2012 and 2011.

 

Market Time

The average 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 February was up 97.4% compared to last month and down -10.2% from calculated days in February of last year. The February 2013 DOM was at a mid-range compared with February of 2012 and 2011.

 

Inventory / New Listings / Sales

The summary image above of the Chicago North Shore view of the market combines monthly inventory of 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 Glencoe Listings in February 2013 was up 20.0% from last month and up 25.0% from February of last year.

Gloria Matlin, recognized nationally as a top 1% performer, and a trusted Chicago North Suburban Realtor/Broker offering over 25 years of professional expertise.  Her office, located in the heart of downtown Glencoe-640 Vernon Ave-60022.; is a top ranking resource with over 45 years of reliable service, reporting, analysis, forecasts and community resources.  Stop in today to discuss this market action data, or similar North Shore real estate market condition outcomes.

 

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.

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.

Real Estate Outcomes May2012: Chicago’s North Shore

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Property Sales

North Shore real estate data for May 2012 shows, property sales were 9.1% higher than sales volume last year. May 2012 sales were at their lowest level overall compared to May of 2011 and 2010. May YTD North Shore sales ran       -21.7% behind last year’s year-to-date sales data reports.

Prices

The Median Chicago North Shore Sales Price in May was $909,500, down -4.3% from $950,000 in May of 2011 and up 18.7% from $766,500 last month. The Average Sales Price in May was $954,375, down -28.2% from $1,328,833 in May of 2011 and up 5.2% from $907,227 last month. May 2012 ASP (average sale price) was at a mid range compared to May of 2011 and 2010.

Inventory & MSI

The Total Inventory of North Shore Properties available for sale as of May was down -27.5% from May of last year. May 2012 Inventory was at the lowest level compared to May of 2011 and 2010.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2012 MSI of 7.9 months was at its lowest level compared with May 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 May was up 17.5% from 114 days last month and down -23.0% from 174 days in May of last year. The May 2012 DOM was at a mid range compared with May of 2011 and 2010 real estate reports.

Inventory / New Listings / Sales

‘The view of the market (see photo above) combines monthly inventory of 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 Listings in May 2012 was up 22.2% from last month and in May of last year.

Our trusted Residential Real Estate office-Coldwell Banker, located in Glencoe, IL 60022; has been a community resource for well over 40 years.  Stop in today to ask questions about this report and other data concerning North Shore real estate for sale, or rent.  Our legendary service, top ranked volume, and experienced sales staff can be your summer guide.

Glencoe-North Shore Market Trends: Update Jan-February2012

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The year starts off with a bang and more good news..December Illinois Home Sales Mark the Sixth Month of continual year-over-year gains . Sales in the Chicago-North Shore area up 1.3 %!

The Illinois Association of Realtors latest review shows that statewide home sales (including single family and condominiums) in December 2011 totaled 8,828 homes sold, up 14.0 percent from 7,746 home sales in December 2010. Unseasonably warmer weather, historically low mortgage rates and attractive market pricing led to a sixth straight month of increases in home sales, according to data released by the Illinois Association of REALTORS® (IAR) today.

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 3.94 percent in December 2011, down from 4.0 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in December it averaged 4.80 percent. The mortgage rates dropped again this week ending January 20th with rates averaging 3.88 percent!

“Housing market forecasts for January, February and March 2012 for Illinois and the Chicago PMSA suggest that sales volume will be significantly higher than the same period last year, although prices will still be lower than a year ago. Until these foreclosed properties and additions expected in 2012 clear the market, sustained upward movement in prices will be unlikely,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

More than half of Illinois counties reporting including North Shore, cook county (52 of 100) showed year-over-year home sales increases in December 2011. Forty-three (43) counties showed year-over-year median price increases. “December ended the year with an optimistic showing of North Shore buyers coming out and making decisions about investing in a home. “While the year-end numbers for 2011 were down over 2010, a positive upward trend in sales toward the end of the year is a great indicator of a strong 2012 winter and spring season for buyers and sellers, alike, looking to get off the fence,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS®.

In the city of Chicago, December 2011 home sales (single family and condominiums) totaled 1,536, up 6.4 percent from 1,444 homes sold in December 2010. The city of Chicago average or median home sale price for December 2011 was $156,000, down 6.2 percent compared to December 2010 when it was just $166,250.

The Illinois Association of REALTORS® is a voluntary trade association. In addition to serving the professional needs of its members in conjunction with the multiple listing service MLS, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

Find Illinois housing stats/analysis/data/reports/outcomes marking January through February of 2012 and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.

You may also stop by our Glencoe Coldwell Banker office for an in-depth explanation of this report or for specific reporting in a North Shore area or town.  We are located at 640 Vernon Ave in beautiful downtown Glencoe, Illinois.

 

3 Distressed Property Outcomes in 2012: Real Estate Trends

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Despite all the positive predictions for real estate this year, distressed property- short sales and foreclosures are now common factors in the market. Employment, home values, and consumer confidence will determine whether they go up or down. The one thing that’s certain is that they remain and affect housing conditions.

So the next natural question is, what will be the ultimate solution?  According to the National Association of Realtors, 3 predictions are on the forefront:

1. Government home owner assistance programs will become more attractive and effective-Most of the government’s initial efforts at helping home owners who were threatened with foreclosure due to problems like job loss or medical expenses were little or no help at all. This was primarily due to a combination of poor promotion of the programs and arcane, overly bureaucratic processes. newer initiatives, such as the “Hardest Hit” mortgage assistance programs and the revamped Home Affordable Refinance Program (HARP), will likely get more attention this year and beyond. The hope is they will be better publicized and administered. The goal is to have these programs find higher-level efficiencies in the long-term.

2. Banks will develop new standards for dealing with REOs and delinquent home owners-In 2012, the theme will likely be managing shadow inventory:REOs and delinquent home owners. Banks may work to carve out special deals, such as leasing foreclosed and bank-owned homes to their former owners. They may even allow foreclosed-on and delinquent borrowers to continue living in homes without making any payments — at least in the short-term —because they want properties maintained for eventual property sale.

3. The amount of evictions will stay the same or even go down-statistics show that while the number of evictions that have taken place over the past couple of years seems high compared with healthier economic times, they actually aren’t as high as they could be. Why?  One main reason is evictions are labor-intensive and involve some thorny legal procedures. Many banks simply don’t have the will or the resources right now to evict borrowers. A trending perk is that many neighbors may pitch in to combat upkeep issues and utilize services for help in property maintenance…More Info

Your feedback on this issue is valued.  What outcomes do you predict?

 

My office  is located at 640 Vernon Ave in downtown Glencoe, Illinois.  Feel free to stop by our top ranked North Shore real estate office with questions or concerns.

 

 

 

 

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