The number of home sales in the North Shore decreased by 7% in the first quarter of 2022. The median sale price was up 9% and the average market time decreased by 31%. The strong seller’s market that we saw in 2021 has continued into 2022. Here are the statistics:
|Number of Homes Sales||Average Market Time|
|1st Q-21||1st Q-22||1st Q-21||1st Q-22|
|Average Home Price (in thousands)||Median Home Price (in thousands)|
|1st Q-21||1st Q-22||% Change||1st Q-21||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: Prices have continued their upward movement that started in the 2nd half of 2020. The North Shore saw a 9% increase in its median price and a 17% increase in the average. Multiple offers on homes have been common this year.
Inventory: One reason we are seeing solid price increases is the lack of inventory. We saw record low inventory last year at this time and it has continued to drop to even lower levels. One change I have made in counting inventory is to include homes on the private Realtor network, as many homes are selling there before coming to the public network. Wilmette currently has 25 active, not under contract homes, which is 67% below last year when there were 75. Evanston, with 48 active homes, has seen a 38% decrease. Winnetka has 36 active homes which is a 57% decrease. Glenview has 91 active homes which is a 42% decrease. The North Shore has 689 active homes which is a 41% decease. Moreover, last year we saw record low inventory and nevertheless this year it has dropped much lower.
Interest Rates: Interest rates have been rising this year. This time last year the 30-year conforming fixed rate was just over 3%, but it has risen to almost 5%. However, the jumbo 30 year fixed is significantly lower at about 4 3/8%.
The highest sale price in the North Shore this quarter is a lake front property in Lake Bluff that sold for $7,650,000. It was built in 2016, has nearly 4 acres of land, and features a pool, spa, outdoor kitchen, pool house, theater, and private beach.