The number of North Shore homes sales in the 3rd quarter of 2023 was down 14% as compared to the 3rd quarter of 2022. Market time was up 25% and median prices were unchanged. Overall, it was another strong quarter for North Shore home sellers. While the number of sales was down, that was due to the very small inventory. Last year’s record low market time went up to 40 days, but that is still well below a typical market time of approximately 100 days.
Here are the 3rd Quarter Statistics:
| Number of Homes Sales | Average Market Time | |||||||
| 3rd Q 22 | 3rd Q 23 | 3rd Q 22 | 3rd Q 23 | |||||
| Wilmette | 105 | 83 | 18 | 26 | ||||
| Evanston | 114 | 89 | 18 | 28 | ||||
| Winnetka | 66 | 55 | 25 | 58 | ||||
| Glenview | 132 | 145 | 31 | 40 | ||||
| North Shore | 1223 | 1056 | 32 | 40 | ||||
| Average Home Price (in thousands) | Median Home Price (in thousands) | |||||||
| 3rd Q 22 | 3rd Q 23 | % Change | 3rd Q 22 | 3rd Q 23 | % Change | |||
| Wilmette | 1130 | 1248 | 10% | 915 | 999 | 9% | ||
| Evanston | 801 | 774 | -4% | 728 | 703 | -3% | ||
| Winnetka | 2215 | 2149 | -3% | 1725 | 1635 | -5% | ||
| Glenview | 821 | 841 | -2% | 763 | 733 | -4% | ||
| North Shore | 956 | 950 | -1% | 731 | 734 | 0% | ||
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 in the 3rd quarter were flat when compared to last year at this time. However, that is after 3 years of significant gains. Moreover, it is logical for the market to absorb those gains and hold steady at this point. As is typical when pulling just one quarter of sales, the price changes in individual suburbs varied greatly with Wilmette’s statistical change being up 9% and Winnetka’s down 5%. Neither of those numbers is what happened in reality—one is too high, and one is too low. This once again proves that the sample size of one suburb for one quarter is too small to get a reliable number. The unchanged North Shore number is closer to what actually happened in all of these suburbs.
Inventory: Inventory last year had decreased to historic lows. Nevertheless, it has decreased even further this year. Wilmette has 32 single-family homes on the market that are not under contract. Last year at this time there were 51 active homes. Evanston has 68 active homes currently. It had 85 last year. Winnetka has 35 active homes, last year there were 37. Glenview also has had an inventory decrease going from 117 to 72 homes. The North Shore as a whole saw a decrease, going from 908 to 705.
Interest Rates: Interest Rates this year have again risen steadily. They are currently around 7.75% for a 30-year fixed rate conforming loan. That is up about 1% from this time last year.
The highest sale price in the North Shore in the 3rd quarter was $12,500,000 for a 2005 home on the Winnetka Lakefront that is in pristine condition and located on almost an acre of land. It has a pool, hot tub, gym, and an awesome sandy beach.
Not far behind at $12,250,000 was another Winnetka lakefront home built in 1918 and situated on over 2 acres. This well known property was referred to as the Clement Stone home when I was growing up due to its ownership by him previously. This home was a treat to view at the broker open. It has many cool historic features, such as, the incredibly intricate woodwork, the awesome basement bar area, beautifully painted ceilings and an amazing coach house.
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