The number of home sales in the North Shore in the 1st quarter of 2023 decreased by 37% as compared to the 1st quarter of 2022. The median sale price was down 4%, and the average market time decreased 6%. As was the case in 2021 and 2022, it has again been a strong Sellers’ market in 2023. Here are the statistics:
|Number of Homes Sales||Average Market Time|
|1st Q-22||1st Q-23||1st Q-22||1st Q-22|
|Average Home Price (in thousands)||Median Home Price (in thousands)|
|1st Q-22||1st Q-22||% Change||1st Q-22||1st Q-22||% 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: For closed sales in the first quarter prices are roughly the same as they were last year. The median was down a little and the average had no change. This is after 2 years of big increases so prices seem to have paused a bit. Multiple offers on homes have been common this year as was the case last year. Since these are closed sales they mostly reflect homes that went under contract at the end of 2022. I will be curious to see how the numbers work out at the end of the first half as the market has continued to be strong for Sellers this spring, whereas the fall market was a bit slower.
Inventory: One reason we are seeing strong sales again this year is the continued lack of inventory. We saw record low inventory last year at this time and it has continued to remain at these record low levels. Wilmette currently has 32 active, not under contract homes, last year there were 25. In a typical year there would be 150 homes on the Wilmette market during the spring season. Evanston, with 45 active homes, has seen a small decrease from last year. Winnetka has 40 active homes which is a small increase. Glenview has 84 active homes which is a minor decrease. The North Shore has 618 active homes which is a 10% decease. Moreover, last year we saw record low inventory and nevertheless this year it has dropped lower.
Interest Rates: Interest rates have been bouncing around this year after rising substantially last year. This time last year the 30-year conforming fixed rate was just under 5%, and the jumbo was at 4 3/8%. This year rates have been bouncing between 6.25% and 7%. Currently the 30-year conforming rate is around 6.5%.
The highest sale price in the North Shore this quarter is a lake front property in Lake Forest that sold for $6,000,000. It was built in 2003, has almost 2 acres of land, and features a pool, outdoor kitchen, theater, and incredible Lake views.