The number of home sales in the North Shore increased by 18% in the first quarter of 2020. The median sale price was up 15% and the average market time decreased by 34%. Yes, it was a very strong first quarter. Here are the statistics:
|Number of Homes Sales||Average Market Time|
|1st Q-20||1st Q-21||1st Q-20||1st Q-21|
|Average Home Price (in thousands)||Median Home Price (in thousands)|
|1st Q-20||1st Q-21||% Change||1st Q-20||1st Q-21||% 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: We had about 6 years of sideways price movement until the second half of last year when they started to go up. We continue to see price increases as we go into 2021. The statistical increases I believe overstate the actual increase to some extent, but there is no doubt that there has been a good increase in prices.
Inventory: One reason we are seeing solid price increases is the lack of inventory. We are seeing record low inventory this year and that is helping boost prices. Last year inventory was below average, but it is much lower this year. Wilmette currently has 52 active, not under contract homes, which is 58% below last year. Evanston, with 46 active homes, has seen a 73% decrease. Winnetka has 55 active homes which is a 48% decrease. Glenview has 101 active homes which is a 53% decrease. The North Shore has 836 active homes which is a 57% decease. Moreover, all suburbs are seeing very low inventory.
Interest Rates: Interest rates started the year at all-time record lows. The conforming 30 year fixed had gotten down to 2.5%. Rates have risen since then and now the 30-year fixed is just over 3% which is still an exceptionally low rate.
The highest sale price in the North Shore this quarter is a new construction home in Winnetka that sold for $4,795,000. It is located west of Green Bay Road on a ¾ of an acre lot. It features an indoor sport court, theatre, wine cellar, and an outdoor pool.