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North Shore Market Report 2019

The North Shore real estate market in 2019 continued its pattern of stable, sideways movement. The number of single family home sales dropped by 3%, median prices decreased by 3% and market times were up 6%. Since 2015 our market has been very stable with small price fluctuations, and the number of sales going up and down slightly. Here are the statistics for 2018:

 

    Number of Homes Sales   Average Market Time  
                 
    2018 2019     2018 2019  
Wilmette   358 365     90 112  
Evanston   422 430     73 76  
Winnetka   247 233     157 164  
Glenview   539 515     109 128  
North Shore 4415 4282     113 120  
                 
    Average Home Price (in thousands) Median Home Price (in thousands)
    2018 2019 % Change   2018 2019 % Change
Wilmette   869 839 -3%   755 740 -2%
Evanston   641 593 -7%   550 510 -7%
Winnetka   1528 1405 -8%   1165 1215 4%
Glenview   640 664 4%   550 550 0%
North Shore 698 672 -4%   550 532 -3%

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 2019 but this varied by suburb. Wilmette currently has 80 active, not under contract, homes, which is 30% less than last year, but about the same as January 2017. Evanston currently has 144 active homes, which is up 32% from last year so its previously tight inventory has gone up. Winnetka currently has 71 active homes, which is a drop of 17%. Glenview has 186 active homes, which is a 3% decrease.   The North Shore as a whole has 1664 active homes, which is a 3% decrease from last year.

Prices: Prices in 2019 were down a little. As in past years, the spring market saw the majority of the sales activity, but prices were a little below 2018 numbers throughout the year and ended the year down 3%. Suburbs varied with Glenview holding basically even while Evanston saw a significant decline with a 7% drop in its median price. This could be a reaction to the fact that it has been the best performing suburb for several years prior to 2019.

Interest Rates: In contrast to last year, when rates went up for most of the year, rates steadily dropped for much of 2019. The conforming 30 year fixed rate started the year at about 4.5% and then dropped to about 4% by the middle of the year, and then hit 3.5% by fall and stayed in that area to the end of the year.

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 seven 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 in 2019 was a 5 bedroom, 7 bath, Lakefront home in Glencoe that sold for $5,150,000. What jumped at me regarding this sale was how low it was to be the highest price for the year, and the fact that it was the only home to sell over 5 million in 2019. Moreover, I decided to research how this compared with other years.

I went back 20 years and 2019 had the lowest, highest sale price in that time period. In addition, it is the first year since the year 2000 that had only one home sale over 5 million, and in 2000 that one sale was for 12 million. In the past 20 years the average number of sales over 5 million has been six. Moreover, 2019 stands out as an exceptionally poor year for sales in the ultra luxury market. It is not for lack of inventory as there are currently 20 homes for sale priced over 5 million. I am not going to try to explain why, but I did find this fact interesting.

The lowest sale price: $84,000; Longest market time: 1631 days; Most Bathrooms: 10; Suburb with the most sales at 4 million and above: Winnetka with 6, Glencoe had 2.

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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
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