Real Estate Outcomes September2012: Chicago’s North Shore

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Property Sales

North Shore-Glencoe market action report for September 2012 Property sales volume reflects an upward trend of 42.9% compared to September of 2011. September 2012 sales topped at their highest level compared to September of 2011 and 2010. September YTD sales are running 16.0% ahead of last year’s best figures.

Prices

The North Suburban Median Sales Price in September was up 35.5% from $440,000 in September of 2011 and down -26.2% from $807,500 last month. The Average Sales Price in September was down -18.2% compared to data in September of 2011 and down -26.5% from last month. September 2012 ASP was at the lowest level compared to September of 2011 and 2010 figures.

Inventory & MSI

The Total Chicago North Shore Inventory of Properties available for sale as of September was down -2.4% in relation to last month and down -30.2% in September of last year. September 2012 sales Inventory was at the lowest level compared to September of 2011 and 2010 on Chicago’s North Shore.

A comparatively lower MSI is more beneficial for North Shore sellers while a higher MSI is better for North Shore buyers. The September 2012 MSI of 8.1 months was at its lowest level compared with September 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 September was equal to 73 days last month and up 12.3% from 65 days in September of last year. The September 2012 DOM was at a mid-range compared with closed sales data in September of 2011 and 2010.

Inventory / New Listings / Sales

The view above of the Chicago-North Shore real estate market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the North Shore market conditions as well as the relationship between these items. The number of New Listings in September 2012 was down -28.0% from last month and up 12.5% in September of 2011.

Gloria Matlin can be found at 640 Vernon Ave, in downtown Glencoe, Illinois-60532. This office, top ranked on Chicago’s North Shore, for well over 40 years is a community standard. Any of our top performing Broker/Realtors can assist you. Let our well established experience and high producing staff guide you through market conditions, reports, buying, selling, renting, or general questions about the North Shore-Chicago area.

For additional market action reports on Chicago’s North Shore visit HERE and select communities-reports on the left dashboard.

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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.