The number of home sales in the North Shore decreased by 9% in the first quarter of 2019. The median sale price was down 4% and the average market time declined 4%. Here are the statistics:
|Number of Homes Sales||Average Market Time|
|1st Q-18||1st Q-19||1st Q-18||1st Q-19|
|Average Home Price (in thousands)||Median Home Price (in thousands)|
|1st Q-18||1st Q-19||% Change||1st Q-18||1st Q-19||% Change|
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: The statistics make it appear that prices went dramatically down up in the 1st quarter which is the exact opposite of last year, but I am confident that is mostly due to fewer high end homes closing this quarter than in 2018. Hence the average price in Winnetka was down an astounding 28%, however, it was up 40% in 2018. Neither of those statistics comports with reality. Even the North Shore’s statistical average decrease of 9% is too high. This leads me to conclude that there were fewer high-end closings this quarter. The median decrease was 4%, which is the exact reverse of 2018. In the first quarter of 2018 there seemed to be a spike in prices, which I attributed to a large number of high-end closings. This quarter just reversed those statistics as the number of high-end closings went back to a more typical number. The fact is prices have been relatively stable since 2015 and that continues to be the case.
Inventory: Another reverse from the trends of last year is inventory went up this quarter. It went up in the North Shore and in each suburb that I cover. Essentially the numbers reverted to where they were in 2017 after dipping last year. Wilmette’s inventory of active single-family homes, which are not under contract, went up from 160 to 173. Evanston increased from 104 to 143. Winnetka went from 151 up to 166. Glenview went from 234 to 285. The North Shore increased from 2182 to 2473. This increase made sales more competitive.
Interest Rates: Rates are slightly lower than they where a year ago. The 30 year fixed rate conforming is at about 4.25% and the jumbo is about 4.125%. Last year at this time they were both at 4.375%. At the beginning of 2019 rates for a 30 year conforming were at 4.5% so the past quarter has seen rates decrease.
The highest sale price this quarter is a 1955 4 bedroom, 3 ½ bath ranch home in Glencoe in about average condition–really. However, it also has over an acre of lakefront land with a 180 foot beach–location, location, location. It sold for $4,950,000.