North Shore Real Estate Update - Total Year 2017 vs. Year Ago
Home sales on the North Shore increased a modest 2% in 2017, with all communities posting gains except Evanston and Wilmette, which have been the most robust markets over the past few years.
Median prices were up only 1% overall, with mixed results across villages. Kenilworth, Lake Forest, Glenview and Evanston had price increases, while Winnetka, Highland Park, Wilmette and Glencoe declined.
Average market time increased to 126 days, or 4.2 months. Evanston continues to have the shortest market timne at 72 days (2.4 months), followed by Wilmette and Glenview at 110 days (3.6 months). Kenilworth and Lake Forest have the longest average time on market.
Accepted Offers - December 2017 vs. Year Ago
Accepted offers for December were up a healthy 23% over 2016. 2016 saw a slowdown right before and after the election, as home buyers were taking a wait and see approach to the market and how the new administration's policies would affect it. 2017's increase was likely driven by stronger consumer confidence and the stock market's continued gains. The biggest increases were in Glencoe (off a very weak 2016), Highland Park, Wilmette and Glenview. Buyer activity in the other villages were flat.
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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