The Nash Team
North Shore Experts
  • Home
  • Search
    • Search All Listings
    • Search by Map
    • Featured Listings
    • New Listing Notifications
  • Neighborhoods
    • Wilmette
    • Evanston
    • Winnetka
    • Glenview
    • Northfield
    • Kenilworth
    • Glencoe
    • Northbrook
  • Buyers
    • Buyers
    • How We Assist Buyers
  • Sellers
    • Sellers
    • How We Assist Sellers
  • Blog
  • About
    • The Nash Team
    • John Nash
    • Ted Nash
    • Recent Sales
    • Our Philosophy
    • Testimonials
  • Contact
Home > North Shore Market Report: 1st Quarter 2020

North Shore Market Report: 1st Quarter 2020

April 9, 2020 by jnash Leave a Comment

Our market report reflects closed sales for the 1st quarter of 2020. These sales were not significantly impacted by covid-19 and the quarantine as the vast majority of these these properties were under contract prior to March and closings have generally been going through as scheduled. We saw a slow down in sales activity in March, which will be reflected in closings for the 2nd quarter of 2020. Sales for the first quarter, which reflects contracts in late 2019 and the first one to two months of 2020 were strong this year.

The number of home sales in the North Shore increased by 27% in the first quarter of 2020.  The median sale price was up 2% and the average market time increased by 15%. Here are the statistics:

 

    Number of Homes Sales     Average Market Time  
                 
    1st Q-19 1st Q-20     1st Q-19 1st Q-20  
Wilmette   52 64     119 140  
Evanston   78 91     86 93  
Winnetka   33 43     196 148  
Glenview   67 117     165 174  
North Shore   678 862     140 160  
                 
    Average Home Price (in thousands)   Median Home Price (in thousands)
    1st Q-19 1st Q-20 % Change   1st Q-19 1st Q-20 % Change
Wilmette   763 815 7%   640 668 4%
Evanston   524 598 14%   440 575 31%
Winnetka   1316 1138 -14%   1155 965 -16%
Glenview   632 602 -5%   520 535 3%
North Shore   647 631 -2%   500 510 2%

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 stayed about the same as last year. The North Shore median price was up slightly and the average price was down a little. Moreover, there was very little change. Statistics for Individual suburbs varied dramatically with some way up and others way down, but those mean very little as the sample sizes are too small to provide a reliable statistic.

Inventory:  Not surprisingly, one statistic that has already been affected by covid-19 and the quarantine is inventory. The number of homes for sale in the North Shore, and most suburbs, is down. New homes coming on the market has slowed dramatically in the last few weeks. Wilmette currently has 123 active, not under contract homes, which is 29% below last year. Evanston, with 168 active homes, is the one outlier with a 17% increase in inventory. Winnetka has 105 active homes which is a 37% decrease. Glenview has 215 active homes which is a 25% decrease. The North Shore has 1963 active homes which is a 21% decease. While an inventory decrease is positive for sellers, because homes sales have also slowed, this has not resulted in a better market for sellers.

Interest Rates:  Interest rates have been up, down and all around. Briefly they were at the lowest point ever—below 3% for a 30 year fixed rate. Then they jumped up from that to relatively high rates. Currently there is a huge gap between the Jumbo and conforming loans. Jumbos are at 4% for a 30 year fixed rate and the conforming (up to $510,400) are at 3.125%, which would be an all time low except for the one day that they went below 3%. Just a few weeks ago the conforming was over 4% and the jumbo was in the mid 3’s. Now they have flipped. Needless to say interest rates are all over the place. Loans are a little harder to get right now. There are some exceptions, but generally lenders are looking for 20% down.

The highest sale price this quarter is an exquisite David Adler designed home that was built for the Armour family in 1931. It is located in Lake Bluff, has 5 acres of Lake front property, 30,000 square of living space, and a tax bill of $164,409. It sold for $4,200,000.

Filed Under: North Shore Market Reports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Register Login (847) 338-2756
  • Facebook
Email Us

Listing Notifications

Sign Up! New listings delivered to your inbox!
Sign Up Now

Stay Connected

  • Facebook
Email Us

The Nash Team

John and Ted Nash are the Nash Team. They grew up in Wilmette where their dad had a real estate office and sold North Shore homes for over 50 years. They each have over 25 years experience selling homes and have sold over 1000 of them. John is a veteran and University of Notre Dame graduate. Ted graduated from the University of Kansas. They have the experience and dedication to ensure your transaction is smooth and rewarding. Call today to see how this unmatched team can assist you.
Meet The Team

Jameson Sotheby’s International Realty

2934 Central St
Evanston, IL 60201

(847) 338-2756 John
(312) 505-1959 Ted
Contact Us

sitemap   •   admin   •   ©2023 All Rights Reserved  •  Real Estate Website Design by IDXCentral.com