Total Year 2018 vs. 2017
2018 was a dud for real estate on the North Shore. Total year closed sales of detached single family homes were down 4% from 2017, and all towns but one declined. Glencoe was the only bright spot, with a 19% increase in closed sales. Kenilworth put up the worst numbers (-22%), followed by Northfield (-15%).
Prices were nothing to write home about either, with the overall median price up an anemic 1% over last year. Results were a mixed bag from village to village with a few showing modest appreciation and others suffering declines. Kenilworth's median price sank 23% to $1,060,000.
Accepted Offers - December 2018 vs. Year Ago
December is always a slow time in real estate but sales activity low even for this time of year, with accepted offers down 16% from last year. Accepted offers are more reflective of the market's current condition, whereas closed sales are more backward looking. A low number suggests that closings will be weak over the next couple of months. Winnetka was particularly low with only five contracts accepted in December (-58%). Glenview (-42%) and Wilmette (-35%) were also lackluster. Lake Forest had a good month, with accepted contracts up 78%, which bodes well for closings in the next couple of months.
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.