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By John Nash | Broker in Wilmette, IL
  • North Shore Market Report First Half 2014

    Posted Under: Market Conditions in Wilmette, Home Buying in Wilmette, Home Selling in Wilmette  |  July 30, 2014 10:29 AM  |  19 views  |  No comments

    Prices on North Shore single family homes were up 6% for the first half of 2014, and market times were down 21% to a rapid 96 day average.  The number of sales, on the other hand, was down 9%.  Because prices and market times both moved in a positive direction, I attribute the lower number of sales primarily to low inventory.  Wilmette continued its hot market with just 60 days for average market time and it was the one suburb in my chart that saw the number of sales increase.  Evanston was close with just 74 days market time. 

    Here are the first half statistics. 

     

    Number of Homes Sales

    Average Market Time

    1/2 yr-13

    1/2 yr-14

    1/2 yr-13

    1/2 yr-14

    Wilmette

    175

    184

    63

    60

    Evanston

    233

    189

    79

    74

    Winnetka

    119

    93

    100

    142

    Glenview

    245

    232

    121

    87

    North Shore

    2138

    1942

    122

    96

    Average Home Price (in thousands)

    Median Home Price (in thousands)

    1/2 yr-13

    1/2 yr-14

    % Change 

    1/2 yr-13

    1/2 yr-14

    % Change

    Wilmette

    745

    822

    10%

          

    650

    755

    16%

    Evanston

    527

    501

    -5%

          

    475

    490

    3%

    Winnetka

    1277

    1492

    17%

         

    1000

    1240

    24%

    Glenview

    548

    613

    12%

          

    485

    535

    10%

    North Shore

    600

    646

    8%

          

    475

    504

    6%

     

    The above statistics are for detached single family homes and were compiled from data collected by the Multiple Listing Service (Midwest Real Estate Data LLC), and may not include all home sales.

    Foreclosures:  14% of North Shore sales in the first half of 2014 were either a foreclosure or short sale.  That number is continuing to fall slowly.

    Interest Rates:  Interest Rates have been stable throughout 2014.  The 30 year conforming rate is about 4.25% and the jumbo is approximately 4.375%.  A 15 year fixed is at 3.5%.   Rates went up some last year, but have been very stable this year and are still at very attractive levels.

     Prices:  As noted above, the North Shore saw a 6% increase in median price.  Individual suburbs varied with Wilmette and Winnetka seeing strong gains and others less so, but overall the trend is upward.   

     

  • North Shore Market Report, First Quarter 2014

    Posted Under: Market Conditions in Wilmette, Home Buying in Wilmette, Home Selling in Wilmette  |  May 4, 2014 6:03 AM  |  105 views  |  No comments

    Dear Friends,

    The average price of a North Shore home was up 19% in the first quarter of 2014, and the average market times was down 25%.  The market is strong and prices are continuing the rebound that started last year.  The fact that market times have gone down dramatically is further evidence of the market’s strength.  The number of homes that closed this quarter was down a little from the first quarter of 2013.  This is due to the low inventory and harsh winter.   There are buyers out there, but many are having a hard time finding a property that works for them.   Here are the statistics:

     

    Number of Homes Sales

    Average Market Time

    1st Q-13

    1st Q-14

    1st Q-13

    1st Q-14

    Wilmette

    37

    56

    77

    71

    Evanston

    67

    54

    121

    98

    Winnetka

    20

    25

    140

    118

    Glenview

    79

    75

    158

    101

    North Shore

    678

    648

    152

    114

    Average Home Price (in thousands)

    Median Home Price (in thousands)

    1st Q-13

    1st Q-14

    % Change

    1st Q-13

    1st Q-14

    % Change

    Wilmette

    676

    692

    2%

    550

    615

    12%

         

    Evanston

    441

    428

    -3%

    435

    415

    -5%

          

    Winnetka

    1126

    1340

    19%

    970

    970

    0%

         

    Glenview

    501

    623

    24%

    425

    570

    34%

         

    North Shore

    525

    624

    19%

    418

    479

    15%

          

     

    The above statistics are for detached single family homes and were compiled from data collected by the Multiple Listing Service (Midwest Real Estate Data LLC), and may not include all home sales

     Inventory:  Inventory continues to be extremely low.  Wilmette has 69 single family homes on the market that are not under contract.  Evanston has 97 such homes.  These numbers are virtually the same as this time last year and based on the current rate of sales, that is less than a 2 month supply in each suburb.  This is the time of year when supply should be on the high side and expanding, but that has not been occurring due to the rapid pace of sales. 

    Interest Rates:  30 year fixed conforming loan (loans below $417,000) rates have gone up in the past year from the mid 3’s to the mid 4’s where they have been holding steady for a number of months.  Jumbo fixed rates are also in the mid 4’s.  While up some from early last year, these are historically very low interest rates.   Adjustable loan rates are in the low 3’s currently.

    Short Sales & Foreclosures:  Short sales and foreclosures accounted for 21% of all North Shore homes sales in the first quarter.  That number is slowly drifting down, but still makes up a significant share of the market.

    The most expensive home in the North Shore to sell this quarter was in East Lake Forest and it went for 4.25 Million.  It was new construction on over an acre of land with10 bathrooms and an indoor basketball court. 

     

  • North Shore Market Report for 2013

    Posted Under: Market Conditions in Wilmette, Home Buying in Wilmette, Home Selling in Wilmette  |  January 20, 2014 8:59 AM  |  224 views  |  No comments

    2013 was a great year for North Shore real estate.  The number of single family home sales in the North Shore increased by 18% and market times declined by a phenomenal 32%.  The real estate market has made a substantial recovery from the downturn that began in 2007.  Below are the home sale statistics for 2013:

     

    Number of Homes Sales

    Average Market Time

    2012

    2013

    2012

    2013

    Wilmette

    334

    364

    104

    65

    Evanston

    431

    489

    134

    70

    Winnetka

    208

    249

    173

    93

    Glenview

    456

    540

    160

    101

    North Shore

    3935

    4645

    152

    104

    Average Home Price (in thousands)

    Median Home Price (in thousands)

    2012

    2013

    % Change

    2012

    2013

    % Change

    Wilmette

    714

    727

    2%

    600

    635

    6%

    Evanston

    514

    527

    3%

    440

    461

    5%

    Winnetka

    1287

    1344

    4%

    1055

    1075

    2%

    Glenview

    539

    565

    5%

    447

    487

    9%

    North Shore

    585

    620

    6%

    450

    487

    8%

     

     

     

    Inventory:  Inventory throughout 2013 was low and that continues to be the case and is a prime cause of the huge decline in market times.  Wilmette and Evanston have less than 2 months of inventory on the market.  Sellers would be smart get their homes on soon with this very scant inventory. 

     

    Prices:  Prices finally began to noticeably increase after the years of decline.  The median North Shore home price increased 8%.  However, the numbers are still well below their peaks.  In 2007 the median sale price in the North Shore was $663K which was 27% higher than in 2013. 

     

    Interest Rates:  Interest rates hit all time lows in early 2013 and then around mid-year began going up.  The 30 year fixed conforming loan rate is currently about 4.5%.  That is a great rate historically, but up from the all time low’s of about 3.5% that we saw in early 2013.  Jumbo loans, however, have come down recently and are actually lower than conforming loans right now.  That is a very rare occurrence.  The 30 year fixed jumbo is at about 4.25%.  Barely above its all times lows. 

     

    Short Sales/Foreclosures:  14% of North Shore single family homes sales in 2013 were either a short sale or a foreclosed property being re-sold by the lender.  This percentage continues to decline.  Last year it was 19% of sales and in 2010, the peak year, 23% of home sales fit into this category.  I would expect this downward trend to continue.

     

    2013 North Shore Sales Facts:  Highest Sale Price:  $12,700,000; Lowest sale price:  $30,000; Longest market time: 2587 days (home was listed in 2006); Most Bathrooms: 10; Suburb with the most sales at 5 million and above:  Winnetka with 3 and that includes one that was priced at $3,995,000.  That must have been one heck of a bidding war.

  • Wilmette's October Sales

    Posted Under: Market Conditions in Wilmette, Home Buying in Wilmette, Home Selling in Wilmette  |  November 11, 2013 3:08 PM  |  240 views  |  1 comment

    In October, Wilmette had 27 single family homes closed which is a 13% increase over October of 2012.  The median sale price was $565,000 and the average market time was 93 days.  October also saw 26 Wilmette homes go under contract.  Interest rates ticked down in October to about 4% on a 30 year conforming loan.  Here the October Sales:

     

    Street #

    Str Name

    MT

    Orig List Pr

    Sold Pr

    747

    LeClaire

    15

    259900

    210000

    2317

    Lake

    200

    369000

    310000

    544

    Lawler

    46

    344500

    310000

    325

    BEVERLY

    26

    340000

    310000

    1769

    Highland

    3

    339900

    345000

    505

    Hibbard

    155

    349000

    350000

    2915

    Washington

    102

    384888

    372888

    426

    Pinecrest

    14

    439000

    419000

    428

    Sunset

    22

    480000

    435000

    601

    Locust

    348

    529000

    495000

    1109

    Hibbard

    48

    518000

    509000

    3542

    Riverside

    97

    629000

    550000

    820

    ROMONA

    82

    619000

    565000

    127

    Central Park

    91

    715000

    565000

    2014

    Hollywood

    27

    639000

    570000

    2409

    Meadow Drive North

    52

    629000

    575000

    2214

    elmwood

    4

    689000

    680000

    920

    Pontiac

    12

    815000

    792500

    2000

    GREENWOOD

    80

    850000

    800000

    1335

    RIDGE

    498

    859000

    806000

    603

    GREENLEAF

    4

    899000

    870000

    111

    Maple

    61

    1100000

    1010000

    905

    Chippewa

    193

    1150000

    1080000

    630

    LAUREL

    144

    1395000

    1100000

    710

    Linden

    36

    1249000

    1180000

    829

    15th

    18

    1695000

    1600000

    819

    Chestnut

    135

    1895000

    1670000

     

  • North Shore Market Report--3rd Quarter 2013

    Posted Under: Market Conditions in Wilmette, Home Buying in Wilmette, Home Selling in Wilmette  |  October 8, 2013 7:17 PM  |  461 views  |  No comments

     North Shore homes sales in the 3rd quarter of 2013 were up 22% from the 3rd quarter of 2012.  Market times were down dramatically and prices were up.  Moreover, the market continues to move in a positive direction.

     Here are the 3rd quarter statistics:

     

    Number of Homes Sales

    Average Market Time

    3rd Q-12

    3rd Q-13

    3rd Q-12

    3rd Q-13

    Wilmette

    113

    117

    76

    53

    Evanston

    131

    148

    118

    57

    Winnetka

    72

    83

    158

    83

    Glenview

    135

    179

    138

    81

    North Shore

    1229

    1503

    138

    86

    Average Home Price (in thousands)

    Median Home Price (in thousands)

    3rd Q-12

    3rd Q-13

    % Change

    3rd Q-12

    3rd Q-13

    % Change

    Wilmette

    779

    699

    -10%

    705

    625

    -11%

    Evanston

    503

    505

    0%

    455

    468

    3%

    Winnetka

    1187

    1349

    12%

    1043

    1075

    3%

    Glenview

    608

    621

    2%

    538

    530

    -1%

    North Shore

    604

    643

    6%

    496

    523

    5%

     

     Prices:  Single family home prices have been improving this year.  The median price for the North Shore was up 5% in the 3rd quarter.  To judge price trends you have to look at the whole North Shore because individual suburbs are too small a sample and can be thrown off by a few sales at the low or high end.

    Interest Rates:  Interest Rates have risen this year.  They are up about ¾ of a point since this time last year.  However, they are down a bit from the summer when they had a sharp rise.  Fixed rate conforming loans (those at 417K or below) are around 4.25%, and the 30 year jumbo loan is at about 4.75%.  

  • Wilmette's July Home Sales

    Posted Under: Market Conditions in Wilmette, Home Buying in Wilmette, Home Selling in Wilmette  |  August 13, 2013 7:06 AM  |  344 views  |  No comments

    July was a big month for home closings in Wilmette.   45 closings were recorded in the Multiple Listing Service and are listed below.  The median sales price was $600,000. 23 homes went under contract which shows the summer market has shifted from homes selling to homes closing which is typical.  Spring is the stronger sales market and summer has lots of closings.  

    The longest market time for a home closing in July was 2467 days—that is over 6 ½ years and one of the longest market times ever recorded for a Wilmette home.  Going back to 1980, only one Wilmette home has had a longer market time. 


    Street #

    Str Name

    MT

    Orig List Pr

    Sold Pr

    2627

    Lake

    1

    $250,000

    $250,000

    824

    Laramie

    49

    $329,000

    $311,500

    2817

    WILMETTE

    2

    $350,000

    $342,000

    2123

    WILMETTE

    33

    $399,000

    $350,000

    2145

    WILMETTE

    33

    $429,000

    $350,000

    2127

    WILMETTE

    33

    $369,000

    $350,000

    2147

    WILMETTE

    33

    $459,000

    $350,000

    312

    Sunset

    4

    $359,000

    $355,000

    3510

    Elmwood

    44

    $379,000

    $365,000

    641

    LaCrosse

    3

    $400,000

    $396,100

    3100

    CRANSTON

    7

    $469,000

    $450,000

    3027

    Hill

    4

    $449,000

    $452,000

    238

    VISTA

    38

    $549,000

    $490,000

    1516

    GREGORY

    123

    $594,900

    $515,000

    439

    Cove

    15

    $575,000

    $520,000

    307

    Vista

    19

    $539,000

    $525,000

    332

    Oak

    3

    $549,900

    $535,000

    2419

    Thornwood

    45

    $630,000

    $550,000

    306

    Lawndale

    2

    $549,000

    $555,000

    1053

    Linden

    5

    $589,000

    $575,000

    1205

    Linden

    4

    $599,000

    $599,000

    1142

    OAKWOOD

    1

    $579,000

    $600,000

    528

    Kin

    3

    $570,000

    $600,000

    714

    Sheridan

    38

    $650,000

    $610,000

    4027

    Bunker

    19

    $659,900

    $625,000

    1315

    Elmwood

    43

    $739,000

    $660,000

    925

    LINDEN

    182

    $665,000

    $670,000

    430

    Wilshire

    5

    $679,000

    $680,000

    1535

    Walnut

    19

    $715,000

    $688,000

    2140

    Sandy

    76

    $759,500

    $714,000

    338

    Wilshire

    1

    $750,000

    $715,000

    509

    Meadow

    5

    $725,000

    $725,000

    2224

    Thornwood

    2467

    $824,000

    $824,000

    1201

    COLGATE

    2

    $849,000

    $905,000

    2224

    Greenwood

    17

    $1,049,000

    $950,000

    1932

    Washington

    52

    $1,140,000

    $1,063,334

    831

    Oakwood

    10

    $1,049,000

    $1,080,000

    2413

    Thornwood

    9

    $1,175,000

    $1,142,500

    427

    Laurel

    3

    $1,125,000

    $1,177,000

    946

    Locust

    48

    $1,325,000

    $1,200,000

    626

    Forest

    6

    $1,249,000

    $1,212,500

    1809

    Walnut

    38

    $1,395,000

    $1,307,500

    2411

    THORNWOOD

    24

    $1,549,000

    $1,345,000

    920

    Romona

    121

    $1,650,000

    $1,450,000

    729

    8th

    19

    $1,795,000

    $1,637,500

  • Wilmette's November Home Sales

    Posted Under: Market Conditions in Wilmette, Home Buying in Wilmette, Home Selling in Wilmette  |  December 10, 2012 8:47 AM  |  371 views  |  No comments

    There were 14 single family home closings in Wilmette this November.  That is down from November of 2011 when 18 homes closed so it was not a great month for closings.  However, the number of contracts written on Wilmette homes this November was 21 which compares with only 12 written in November of 2011.  That is a 75% increase in contracts written.  I think this bodes well for the market in 2013.  Typically the market is fairly quiet in November, but this year it is continuing to chug right along.  It appears to be setting the stage for a strong 2013 market that will likely kick into gear earlier than is typical.  In addition, inventory is extremely low.  There are just 72 single family homes actively on the market right now that are not under contract.  That is about a 2 1/2 month supply.  Homeowners wanting to sell in 2013 should get their homes on early in the year to take advantage of this low inventory and the fact that there are active buyers in the market.  Here are the homes that closed this November:

     

    Street #

    Str Name

    MT

    Orig List Pr

    Sold Pr

    801

    Leamington

    70

    219900

    219900

    636

    Leamington

    10

    279000

    271000

    3303

    Wilmette

    11

    335000

    341000

    2940

    Lake

    125

    430000

    375000

    1303

    Maple

    20

    525000

    495000

    1216

    Middlebury

    188

    619000

    550000

    701

    Linden

    52

    650000

    600000

    220

    Locust

    41

    679900

    670000

    115

    DuPee

    4

    715000

    715000

    2611

    KENILWORTH

    5

    739000

    719500

    435

    Cove

    137

    899000

    740000

    311

    4th

    63

    850000

    786000

    629

    GREGORY

    8

    1049000

    1000000

    1327

    Washington

    64

    1295000

    1250000

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