The North Shore real estate market in 2018 continued its pattern of stable, sideways movement. The number of single family home sales dropped by 5%, median prices increased by 2% and market times were up 3%. Since 2015 our market has been very stable with small price increases and the number of sales fluctuating up and down slightly. Here are the statistics for 2018:
|Number of Homes Sales||Average Market Time|
|Average Home Price (in thousands)||Median Home Price (in thousands)|
|2017||2018||% Change||2017||2018||% 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.
Inventory: In general inventory dropped in 2018 but this varied by suburb. Wilmette currently has 114 active, not under contract, homes which is 28% more than last year, but about the same as January 2017. Evanston currently has 109 active homes, which is up 22% from last year so its previously tight inventory has loosened some. Winnetka currently has 86 active homes, which is a drop of 10%. Glenview has 192 active homes, which is an 11% increase. The North Shore as a whole has 1724 active homes, which is a large decrease in inventory even though most the suburbs that I cover went in the other direction.
Prices: Prices in 2018 were up a little. However, the highest prices were obtained in the spring market and there was some decrease in the fall. It was a balanced market that did not overly favor Sellers or Buyers. The early part of the year was more favorable to Sellers, but as the year went on Buyers gained more leverage and were able to negotiate more aggressively. As a result of this increased leverage, prices dipped a little in the later part of the year.
Interest Rates: In contrast to last year, when rates held steady at 4% all year, this year interest rates were a roller coaster ride. The conforming 30 year fixed rate started the year at 4%, but went up steadily for most of the year. By February it was at 4.25%, April 4.5%, September 4.75% and then peaked at 4.875% in October.
After peaking in October, rates went down and the 30-year conforming finished the year at 4.5%. Jumbo loan rates are lower currently and have a 30-year fixed rate of just 4.25%. Typically Jumbo loans have higher rates than conforming loans.
Best Months to Sell: A question that I am frequently asked as a Realtor is: What is the best month to sell a home in? While every year is different, statistics do help answer this question. Over the past six years the two months that saw the most homes go under contact in the North Shore are May and March, followed closely by April and June. Individual suburbs vary a little as Wilmette’s top 2 months have been February and March.
2018 North Shore Sales Facts: The highest sale price in the North Shore was a tie this year. Two lakefront Winnetka homes each sold for $12,000,000. One is an 8 bedroom, 12 bath brand new home with a sport court and golf simulator on an acre of land. The other is a 2015 Morgante Wilson designed home with breathtaking lake views.
The lowest sale price: $80,000; Longest market time: 1724 days; Most Bathrooms: 13; Suburb with the most sales at 4 million and above: Winnetka with 7, Glencoe had 3.