North Shore Real Estate Report - July 2017 vs. Year Ago
Closed sales were up 10% vs. July 2016. Most of that growth was driven by Lake Forest (+71%) and Wilmette (+43%).
Only Evanston and Winnetka saw sales declines this month. Lake Forest's growth was helped by the plentiful supply of homes for sale (a 7.3 month supply) and by sellers' willingness to accept lower offers (Lake Forest had a 89% sale price to list price ratio, the lowest on the North Shore).
Evanston's sales decrease was in part driven by low availability of homes for sale, as it has only a 2.4 month supply of inventory and 15% fewer new listings than last year. Evanston also has the highest sale price to list price ratio - 96%.
Winnetka's decline was partially driven by the fact that so much of its inventory is in the higher price brackets. The average list price for a home in Winnetka is $1,966,000.
Median price was flat vs. last year for the North Shore as a whole, but half the villages saw median price increases for the month while the other half had decreases.
Days on market was up 22% overall and most villages are seeing lengthening market time. Evanston, the hottest North Shore market, continues to have very short market times for listings - less than two months on average - due to higher demand than supply.
Accepted Offers July 2017 vs. Year Ago
While closed sales are the result of purchase contracts from the prior 2-3 months, accepted offers are a better indicator of buyer activity over the past month.
Accepted offers for July were down 2% vs. July 2016. Winnetka was the most active in July, with accepted contracts 47% higher than July 2016. Wilmette had the largest decrease, down 30%. However, Wilmette had a big June while Winnetka did not, and the two months taken together show a lower overall decrease for Wilmette and and lower increase for Winnetka.
If you have any questions about the market or would like to schedule a buyer or seller consultation with the Anne West and the Come Home North Shore Team, please give us a call at 847.881.6657 or email us at ComeHome@cbexchange.com.
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