The number of North Shore homes sales in the 3rd quarter of 2019 was up 3% from the 3rd quarter of 2018. Market time was down 7%, and median prices were down 1%. Inventory in 2019 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 first half of the year and has slowed in the late summer and fall. The last several years followed this same pattern. The 3rd quarter closings, which are mostly from contracts that were signed in the 2nd quarter, are strong.
Here are the 3rd quarter statistics:
|Number of Homes Sales||Average Market Time|
|3rd Q 18||3rd Q 19||3rd Q 18||3rd Q 19|
|Average Home Price (in thousands)||Median Home Price (in thousands)|
|3rd Q 18||3rd Q 19||% Change||3rd Q 18||3rd Q 19||% 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 2019—just like in 2018, 2017, 2016 and 2015. We have now had 5 years of a flat market in which there has been little price movement. Individual suburbs saw statistical increases, but as I always note one suburb for one quarter is too small a sample size to produce a reliable statistic. While Wilmette’s median price was up 5% this quarter it was down in the first half of the year so it will probably even out by year’s end. Market times have dipped this quarter.
Inventory: Currently Wilmette has 143 single-family homes on the market that are not under contract. Last year at this time there were 182 active homes so the number has dropped significantly which should help Wilmette Sellers. The number of sales went up in Wilmette from 82 to 111 this quarter, which basically made up for the drop in sales from the first half of this year. Evanston has 207 active homes currently. It had 145 last year so its inventory has finally increased after many years of being the one suburb with a tight inventory. Winnetka has 129 active homes, which is slightly up from the 124 that were on last year. Glenview also had an inventory increase going from 300 to 333 homes. The North Shore as a whole saw a small increase going from 2539 to 2598.
Interest Rates: Interest Rates have been dropping and are currently near all time lows at around 3.5% for a 30 year fixed rate. That is true for both conforming and jumbo loans. That is well below the 4.875% we saw last year at this time. The 15 year fixed is about 3.25%. ARM’s are about 3%.
The highest sale price in the North Shore in the 3rd quarter was $4,200,000 for a lake front home on 1 acre in Winnetka that was built in 1922. It has 8 bedrooms and 4 full and 1 half baths, and features a private beach. It appears to have been purchased primarily for the land.