The number of North Shore homes sales in the 3rd quarter of 2018 was down 10% from the 3rd quarter of 2017. Market time was unchanged, and median prices were up 3%. Overall the market was been slowing down this quarter. Inventory in 2018 has gone up in some locations and down in others, but continues to be on the high side in most local suburbs, making it a competitive market. The market was strongest in the early part of the year and has slowed in the summer and fall. The last several years followed this same pattern.
Here are the 3rd quarter statistics:
|Number of Homes Sales||Average Market Time|
|3rd Q 17||3rd Q 18||3rd Q 17||3rd Q 18|
|Average Home Price (in thousands)||Median Home Price (in thousands)|
|3rd Q 17||3rd Q 18||% Change||3rd Q 17||3rd Q 18||% 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 been moving sideways in 2018—just like in 2017, 2016 and 2015. We have now had 4 years of a flat market in which there has been little price movement. Market times have stabilized after rising for 3 years.
Inventory: Currently Wilmette has 182 single-family homes on the market that are not under contract. Last year at this time there were 153 active homes so the number has risen significantly leading to slower sales currently. The number of sales went down in Wilmette from 115 to 82. Among the suburbs that I cover, it had the largest sales decrease this quarter, which contrasts with its strong performance in the 1st half of 2018. Evanston has 145 active homes currently. It had 143 last year so its inventory has been steady. It is the one local suburb that has kept its inventory relatively tight. Winnetka has 124 active homes, which is down significantly from the large 153 that were on last year. Glenview had an inventory increase going from 263 to 300 homes.
Interest Rates: Interest Rates have been rising and are currently are around 4.875% for a 30 year fixed rate. That is true for both conforming and jumbo loans. The 15 year fixed is about 4.25%. ARM’s are also about 4.25%.
The highest sale price in the North Shore in the 3rd quarter was $5,850,000 for a lake front home on 1.3 acres in Kenilworth that was built in 2009. It has 4 bedrooms and 4 full and 2 half baths, and features a private beach and boathouse.