North Shore Market Report - January 2017 vs. 2016
Closed home sales on the North Shore were up 4% in January vs. last year, but results were mixed across villages. Evanston and Glenview posted particularly strong gains, as did Winnetka, Glencoe and Northfield, though the latter two were off of a small base. Lake Forest, Wilmette and Highland Park were down. Winnetka and Glenview are the two villages showing the strongest positive ongoing trend. Winnetka sales were up 14% in 2016 and up 13% in January. Glenview was up 11% in 2016 and 31% in January.
Overall the median price on the North Shore was up 18% in January with trends by village coming in all over the board. Since there are relatively few closed sales during the month in January one large or small sale can really skew the numbers so better not to pay too much attention to the prices for this oe month.
Accepted offers is a better indicator of how the market is doing right now, as closed sales represent contracts that were signed 2-3 months ago (or more). So the positive news is that accepted offers were up 33% in January over 2016.All villages showed gains except Glencoe and Northfield.
The number of accepted offers is in line with the increase in showings as well as the amount of traffic through open houses, both of which are up from this time last year. Showings were up 7% overall vs. last year with most villages showing increases. The two with significant declines in showings, Evanston and Kenilworth, are likely due to the fact that available inventory was also down significantly. Evanston has 20% fewer homes on the market this year than last and the months supply has declined to just three months, making Evanston a true seller's market. In contrast, Lake Forest has 29 months supply of homes on the market, making it an extreme buyer's market. Home buyers continue to opt for close-in, walkable towns as opposed to communities farther from the city, and Evanston and Lake Forest trends are a perfect illustration of that.
One of the other interesting trends is that, even though showings are up, generally they are up in lower price ranges than last year. For example, in 2016 the $700-800K price range was the most active in Wilmette between $500K-1M, representing 28% of showings during January. This year the $600-700K range is the most active, with 31% of showings between $500K-$1M.
The increases in buyer traffic at open houses, showings and accepted offers so early in the year bode well for the North Shore housing market in 2017. If you are planning to put your house on the market in 2017, don't wait! Get it listed as soon as possible to take advantage of the strong demand we are seeing. The market usually goes quiet by mid-June.
If you have any questions about the market or would like to schedule a buyer or seller consultation with 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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