John Nash
(847) 338-2756


Home
Featured Listings
Background
North Shore Market Report
Buyers & Sellers-How I Assist
Home Finder
Wilmette
Testimonials
Cheap Wilmette Homes
North Shore & Chicago Links
Jen's Corner
Recent Home Sales
Search for Homes
Local Schools
Community Info
Free Reports
Your Home's Value
Buyer/Seller Tips
Interest Rates
Calculator
Dream Home Finder
Real Estate Links
Consumer Links
Real Estate News
 

July 28, 2014

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.   

I hope this information is helpful to you.  Please call if you have any questions about it or other real estate matters.   To see past reports go to:  http://www.johnnashhomes.com/north-shore-market-report.html

I hope you are having a great summer.

 


April 7, 2014

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. 


 January 2014

 Dear Friends,

 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.

 

I hope you have a fantastic 2014 and please call if I can ever be of assistance.





October 8, 2013

 

Dear Friends,

 

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%

 

 

 

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

 

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%. 

 

I hope everyone is enjoying our pleasant fall weather.

 


 
July 8, 2013

Dear Friends,

North Shore single family homes sales were up 20% in the first half of 2013 compared to 2012.  Market times were down 27% and median prices were up 7%.  That is an awesome triple play.  The housing recovery that began last year has strengthened in 2013, and the North Shore market is firing on all cylinders.  Some suburbs have been on fire.  Wilmette homes have sold with an average market time of just 63 days and a median price rise of 14%. 

Here are the first half statistics. 


Number of Homes Sales

Average Market Time

1/2 yr-12

1/2 yr-13

1/2 yr-12

1/2 yr-13

Wilmette

167

174

127

63

Evanston

204

231

142

80

Winnetka

93

117

193

98

Glenview

191

245

183

122

North Shore

1769

2128

165

121

Average Home Price (in thousands)

Median Home Price (in thousands)

1/2 yr-12

1/2 yr-13

% Change 

1/2 yr-12

1/2 yr-13

% Change

Wilmette

683

745

8%

      

555

649

14%

Evanston

522

527

1%

      

451

475

5%

Winnetka

1355

1283

-5%

     

1235

1010

-18%

Glenview

522

550

5%

      

430

499

16%

North Shore

586

599

2%

      

441

475

7%

 

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:  15% of North Shore sales in the first half of 2013 were either a foreclosure or short sale.  That number is continuing to fall which is great to see.

Interest Rates:  Rates have risen sharply in the past couple weeks--especially for conforming loans (those up to 417K).  A 30 year fixed rate conforming loan is at about 4. 75%.  30 year jumbo loans are also at 4.75% so have risen less dramatically since they were previously half a point higher.  The 15 year conforming is at 3.65%. 

Will rising rates kill the recovery?  I do not think so.  Rates were at an all time low and affordability was extremely high before rates starting going up.  The market can handle some movement upward.  If they continue to spike upward that could be a different story, but I think the current rise was probably overdue.  I would not be surprised if the conforming rate even cam e down a little from its current level.

Prices:  Prices recover more slowly in a market upturn than unit sales, but they have started to rise also.  Overall the North Shore saw a 7% increase in median price.  Individual suburbs varied with Wilmette and Glenview seeing strong gains and others less so, but overall the trend is upward.   



April 12, 2013

Dear Friends,

The number of North Shore homes that went under contract in the first quarter exceeded the mark set in 2012 by 34%, and that was in spite of a much colder winter this year.   The number of homes that closed in the first quarter was up by 12% over 2012.  Market times for newly listed homes are coming down.  In Wilmette, the average market time plunged from 183 to 77 days. In the chart below are the statistics for closed single family homes.  Because closings occur about 2 months after a home sells, these statistics tell more about what was occurring in the prior quarter and, in fact, they understate the strength of the current market.  The number of homes going under contract this quarter is up significantly from the 1st quarter of 2012 in every suburb this report covers in spite of low inventory.  (i.e. Wilmette + 18%; Evanston +63%; Winnetka +34%; Glenview +24%)
 
 
 
Number of Homes Sales Average Market Time
1st Q-12 1st Q-13 1st Q-12 1st Q-13
Wilmette 43 37 183 77
Evanston 73 66 189 122
Winnetka 24 19 254 146
Glenview 66 79 165 158
North Shore 596 671 185 152
Average Home Price (in thousands) Median Home Price (in thousands)
1st Q-12 1st Q-13 % Change 1st Q-12 1st Q-13 % Change
Wilmette 703 676 -4% 540 550 2%
Evanston 556 446 -25% 436 436 0%
Winnetka 1621 1160 -28% 1544 1000 -35%
Glenview 456 501 10% 354 425 20%
North Shore 559 526 -6% 379 416 10%

                    

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

 

Prices:  Prices are rising this year.  The first quarter statistics do not clearly show this because so many sales are occurring at the lower end.  Reasonably priced homes are flying off the market.   

Inventory:  Inventory has gone from low to virtually nonexistent in some locations.  Wilmette has 68 single family homes on the market that are not under contract.  Evanston has 95 such homes.  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:  Conforming loans (loans below $417,000) continue to have excellent rates with fixed rates at about 3.5% and Adjustable rates in the 2.75% area.  Jumbo loans also have good rates with the 30 year fixed rate at about 4%.

Short Sales & Foreclosures:  Short sales and foreclosures accounted for 23% of all North Shore homes sales in the first quarter.  That number has drifted up and down a little over the past 5 years, but is consistently a significant share of the market ranging from 20 to 30 percent.

 

The most expensive home in the North Shore to sell this quarter was in Lake Forest and went for 3.1 Million.  It has over an acre of land, 8 ½ bathrooms and was built in 1996

 

For more real estate information visit my website:  www.JohnNashHomes.com .  I am also archiving my prior reports at: http://www.johnnashhomes.com/north-shore-market-report.html

 

Enjoy the spring weather—soon hopefully!  And as always I love your referrals.



January 2013

 

Dear Friends,

 

In 2012 the number of single family home sales in the North Shore increased by 19% and market times declined.  This is a clear sign that the real estate market is recovering from the downturn that began in 2007.  Statistically prices stayed about the same as 2011 with the median North Shore home price dropping 1%.  However, prices have been rising in many locations and the price statistics are thrown off some by the large number of lower end sales created by investors buying up inexpensive homes.  Below are the home sale statistics for 2012:

 

 

Number of Homes Sales

Average Market Time

2011

2012

2011

2012

Wilmette

262

335

132

103

Evanston

346

430

146

131

Winnetka

210

207

182

173

Glenview

402

455

175

160

North Shore

3286

3925

178

152

Average Home Price (in thousands)

Median Home Price (in thousands)

2011

2012

% Change

2011

2012

% Change

Wilmette

710

714

1%

650

600

-8%

Evanston

480

511

6%

423

439

4%

Winnetka

1260

1235

-2%

1002

1050

5%

Glenview

557

539

-3%

473

450

-5%

North Shore

620

582

-6%

455

450

-1%

 

 

Inventory:  In addition to the large increase in the number of home sales, another very encouraging aspect of the market, for sellers, is the very low inventory in many communities.  Wilmette has approximately 63 homes actively on the market that are not under contract.  That is just over a 2 month supply.  Evanston has 93 such homes which is less than a 3 month supply.  This is the lowest inventory for many years.  This bodes very well for Sellers putting their homes on the market this year.

 

Interest Rates:  The 3rd statistic that is very encouraging for Sellers and Buyers is the exceptionally low interest rates.  Rates have been hovering for several months at or near all time lows.  The 30 year fixed rate for loans of $417,000 and below is at about 3.5 percent.  Jumbo loans are at about 4%.  Even investors can get very attractive loan rates at about 4%.

 

Short Sales/Foreclosures:  19% of North Shore single family homes sales in 2012 were either a short sale or a foreclosed property being re-sold by the lender.  This percentage continues to slowly decline from the peak year 2010 when 23% of home sales fit into this category.  I would expect this slow downward trend to continue.

 

2012 North Shore Sales Facts:  Highest Sale Price:  $7,500,000; Lowest sale price:  $36,000; Longest market time: 2026 days; Most Bathrooms: 11; 

 

 




December 10, 2012

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



October 15, 2012

Warren Buffet said earlier this year on CNBC
that buying homes was better than buying stocks and that if it were practical he would buy up a couple hundred thousand homes.  Is buying properties to rent a good investment on the North Shore?  There is a lot a data to suggest it is. 
 
Let’s look at 2-4 unit properties which are the preferred choice of small real estate investors.  They are small enough for an investor to manage on his or her own, they get better interest rates than commercial properties or large apartment complexes, and are readily available on the North Shore especially in the suburbs of Evanston and Skokie.
 
In 2007, the median price of a 2-4 unit property on the North Shore was around $500,000.  They saw a sharp price decline over the next two years bottoming out in 2009 in the low 200’s.  Since then the median price has bounced along the bottom and in 2012 it is virtually the same as it was in 2009 at about $230,000.  
 
In addition to prices being at their low point for many years, interest rates are hitting all times lows so that if a buyer has good credit and can put 25% down, he can get a 30 year fixed rate below 4% on an investment property.  Rates for investment properties are higher than homeowner occupied properties so being able to get a rate below 4% is truly exceptional and something that will pay off for many years to come.
 
Prices are low and interest rates are rock bottom.  So what else do you need to look at to analyze a real estate investment--rents.  Rents are the most important piece of the puzzle.  If you could not get reasonable rents or it was hard to find tenants, then regardless of anything else, it would not make sense to buy a rental property.  However, the rental market is strong for landlords.  In the past few years rental rates have been on the rise and occupancy has been tight.  As anyone who has been on the apartment hunt knows, it is hard to find a good place to rent. 
 

Moreover, it is nearly a perfect environment for a real estate investor:  low prices, great interest rates and a strong rental market.  However, to take advantage of it you must be able to get the financing needed to complete the purchase and that is not easy.  If you are thinking about buying a rental property first meet with a good mortgage broker to run the numbers and see what type of loan you can qualify for.  If the mortgage professional gives you the green light to buy, then you are in good shape to take advantage of today’s favorable market for real estate investors.



October 4, 2012

 

Dear Friends,

 

North Shore homes sales in the 3rd quarter of 2012 were up 17% from the 3rd quarter of 2011.  In the first half of 2012 sales were up 15% from 2011 so the market is continuing to strengthen.  I was recently on the NBC Nightly News with Brian Williams commenting on this fact.  Here is a link to the clip:  http://video.msnbc.msn.com/nightly-news/49095058#49095058

 

Here are the 3rd quarter statistics:
 
 
Number of Homes Sales Average Market Time
3rd Q-11 3rd Q-12 3rd Q-11 3rd Q-12
Wilmette 94 113 92 76
Evanston 110 131 127 118
Winnetka 73 72 143 158
Glenview 131 135 149 138
North Shore 1048 1229 155 138
Average Home Price (in thousands) Median Home Price (in thousands)
3rd Q-11 3rd Q-12 % Change 3rd Q-11 3rd Q-12 % Change
Wilmette 729 779 7% 651 705 8%
Evanston 518 503 -3% 453 455 0%
Winnetka 1261 1187 -6% 1100 1043 -5%
Glenview 542 608 12% 475 538 13%
North Shore 632 604 -4% 491 496 1%
 

 

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

 

Prices:  Single family home prices have been improving this year.  However, this has been hard to discern because there have been more sales in the lower price ranges bringing the averages down.  Nevertheless, this quarter Wilmette’s median home price shows an increase of 8% over the 3rd quarter of 2011, and the median price for the North Shore is up 1%.  
 

Interest Rates:  Interest Rates continue to hit new all time lows with the 30 year fixed rate at about 3.50% for loans up to $417,000 (conforming).  Loans over $417,000 can get a 30 year fixed rate at about 3.75%.  The 15 year fixed is below 3.00%.  With these amazing low rates and prices still way below the peak, it is a great time to buy.

 

Foreclosures:  16% of North Shore sales in the 3rd quarter were either a foreclosure or short sale.  This is approximately the same as last year and still a big part of the market.  If prices continue to improve, then this number may start to go down again.  It is below the peak when over 20% of the market was a distressed sale.

 

Links:

 

Past customers: if you want to review me here is a link to do so on Trulia (my preferred site) and Zillow:

http://www.trulia.com/voices/profile/Real_Estate_Pro-Wilmette_IL-831759/

 

http://www.zillow.com/profile/johnnash.homes

 

This is a Great new site for property tax data: http://www.cookcountypropertyinfo.com/Pages/pin-search.aspx

Site that gives a home's sale history & gossip type info on local buyers and sellers:  http://chicago.blockshopper.com 

My past North Shore Market Reports:  http://www.johnnashhomes.com/north-shore-market-report.html

 

I hope everyone is enjoying our pleasant fall weather.

 

John

 
 
July 13, 2012

Dear Friends,

North Shore single family homes sales were up 15% in the first half of 2012 compared to 2011.  This is a good sign that the market has begun to recover.  Statistically prices are down this year, but I believe this is a case of statistics not telling the full story.   I have seen homes sell faster and for better prices than they would have gotten last year.  The increased sales volume has occurred more at the lower end of the market thus pushing down average and median prices.  However, if you were to compare the sale price for identical North Shore homes this year and last year, the price this year would be a little higher.

 

In spite of generally weak economic data the past few months, homes sales continue to be strong.  Here are the first half statistics. 
 
Number of Homes Sales Average Market Time
½ yr-11 ½  yr-12 ½ yr-11 ½ yr-12
Wilmette 122 167 143 127
Evanston 156 204 150 142
Winnetka 96 93 214 193
Glenview 180 191 208 183
North Shore 1537 1766 197 165
Average Home Price (in thousands) Median Home Price (in thousands)
½ yr-11 ½  yr-12 % Change   ½ yr-11 ½ yr-12 % Change
Wilmette 745 682 -8%         687 555 -19%
Evanston 486 522 7%         466 451 -3%
Winnetka 1328 1355 2%        1007 1235 23%
Glenview 577 522 -10%         494 430 -13%
North Shore 634 585 -8%         460 440 -4%

 

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:  19% of North Shore sales in 2012 have been either a foreclosure or short sale.  That number is down.  For several years we have heard that foreclosures were going to flood the market at some point.   While it is true that we continue to have a lot of foreclosures, many more than we saw prior to the recession, the predicted flood has not materialized in the North Shore and I now think it is not going to happen.

 

Interest Rates:  Have hit new lows again.  They have gotten down to around 3.5% percent for 30 year fixed loans up to $417,000.  The best rates are contingent upon a significant down payment and a high credit score.  15 year loans are around 3%.  30 year Jumbo loans are close to 4%.  These are all time low rates again.   

 

I hope this information is helpful to you.  Please call if you have any questions about it or other real estate matters.   To see past reports go to:  http://www.johnnashhomes.com/north-shore-market-report.html

 

I hope you are having a great summer and staying cool.

 





April 5, 2012

Dear Friends,

The number of North Shore single family homes that closed in the first quarter of 2012 was up by 14%.  The number of homes that went under contract in the first quarter was very large.  It exceeded the mark set in 2011 by 50%.  The exceptionally warm winter no doubt helped sales, but I also believe a corner was turned in the market.  Closings in future quarters will show that sales have picked up.  It has become easier to sell a fairly priced home.  Market times for newly listed homes are coming down.  Here are the statistics for closed single family homes
 
 
Number of Homes Sales Average Market Time
1st Q-11 1st Q-12 1st Q-11 1st Q-12
Wilmette 39 43 181 183
Evanston 40 73 133 189
Winnetka 29 24 212 254
Glenview 59 66 233 165
North Shore 522 595 222 186
Average Home Price (in thousands) Median Home Price (in thousands)
1st Q-11 1st Q-12 % Change 1st Q-11 1st Q-12 % Change
Wilmette 755 703 -7% 625 540 -14%
Evanston 414 556 34% 410 436 6%
Winnetka 1161 1621 39% 900 1544 71%
Glenview 649 457 -29% 555 354 -36%
North Shore 592 559 -6% 435 379 -13%
 

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

 

Prices:  Average and Median prices were down this quarter.  This is partly due to more sales occurring in the lower price ranges.  However, in a recovery, it takes longer for prices to bounce back than the number of sales.  Distressed sales are increasing in number and will continue to hold prices down.   The price numbers for the individual suburbs vary widely, but you can not look at prices in one suburb in one quarter and discern much.  The sample size is too small and can be thrown off by a few low or high end sales.  Overall North Shore prices were down, but if the number of sales continues at the current pace, or better yet, increases that will help prices.      

Interest Rates:  Conforming loans (loans below $417,000) continue to have excellent rates with fixed rates at about 4% and Adjustable rates in the 3% area.  Jumbo loans also have good rates with the fixed rate at about 4.75% and adjustable rates in the lower threes.

Short Sales & Foreclosures:  After drifting down for a couple years, the number of short sales and foreclosures is rising again.  This is primarily because banks have resolved or settled some of the issues that caused them to halt many foreclosures that were in the pipeline.  But now they are again moving properties through and placing them on the market.  27% of sales in the North Shore this quarter were either a short sale or foreclosure.   





February 23, 2012
 

Dear Friends,
 
The North Shore real estate market for 2012 has started strong.  The number of homes going under contract is up substantially over any of the past four years for the same time period.  The mild winter has probably helped, but I think it does point to an improving market also.  The strongest segment of the market is the lower end which means median prices are not up.  Nevertheless these strong under contract numbers are encouraging.  Wilmette in particular has done very well so far.  You have to go back to 2007 to find a similar number of homes going under contract by this time of year.  Here are the numbers:
 

Number of Homes that went Under Contract: 1/1/12 to 2/22/12

2012

2011

2010

2009

2008

2007

Wilmette

48

20

30

18

27

47

Evanston

43

32

37

29

41

57

Winnetka

26

24

17

10

14

39

Glenview

74

44

54

27

37

62

North Shore

529

372

385

227

309

476

 


If you know anyone that has been considering selling their home, this may be the year to do it.  As always, I love your referrals.

John Nash

 


January 11, 2012

Dear Friends,

In 2011 the North Shore Market stayed relatively stable.  On the positive side, the number of home sales increased 3% from 2010 and market time declined slightly.  On the other hand, prices declined a little.  In a recovery the number of home sales (i.e. demand) has to increase before prices can follow.  I think we will see the number of sales slowly continue to improve.  I predict, as I have since the end of 2009, that prices will be more or less flat in the coming year. 


Number of Homes Sales

Average Market Time

2010

2011

2010

2011

Wilmette

267

262

 

146

132

Evanston

375

347

144

145

Winnetka

194

210

217

182

Glenview

376

402

209

175

North Shore

3178

3283

187

177

Average Home Price (in thousands)

Median Home Price (in thousands)

2010

2011

% Change

2010

2011

% Change

Wilmette

799

710

-11%

660

650

-2%

Evanston

475

481

-1%

435

425

-2%

Winnetka

1368

1260

-8%

1100

1002

-9%

Glenview

556

556

-7%

512

473

-8%

North Shore

631

620

-2%

484

455

-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
 

Inventory:  I noted in my report a year ago, that contrary to conventional wisdom, inventory in some locations is low.  That is again the case as we start 2012.  Wilmette has approximately 100 active single family homes that are not under contract.  The same number as this time last year.  That is a relatively low number.  In a good market that would only be a 3 month supply, but is a 5 month supply in the current market.  Winnetka has a similar number of listings which is a 6 month supply there, and Evanston has about 150 active homes which is about a 5 month supply.  I expect to see more homes get listed as we approach spring.  This tends to be the time of year when inventory is lowest.

Short Sales/Foreclosures:  20% of North Shore sales in 2011 were either a short sale or a foreclosed property being re- sold by the lender. This is down a bit from 2010 when they accounted for 23% of all sales.  This will continue to be a significant part of the market in 2012.

Interest Rates:  Rates are near all times lows again.  They have been hovering at about 4% for a 30 year conforming fixed rate for the last several months.  Early in 2011 they had moved up to about 5%, but as economic news turned negative and the European debt crisis became big news rates headed back down and have stayed there.

2011 North Shore Sales Facts:  highest sale price--$5,625,000; lowest sale price--$1 (2nd lowest was $40,000); longest market time—2039 days; most bathrooms—13; Biggest price drop--$8,900,000.

I hope you have an Outstanding 2012 and as always I love your referrals!

 



 
 
2009 Year End Market Report Link