North Shore Chicago Real Estate Update - September 2018 vs. Year Ago
Closed sales on the North Shore were down 8% in September. All towns declined except for Winnetka, which was up a healthy 41% and Glencoe, whose sales doubled over last year.
Median prices increased a modest 3% overall but results were a mixed bag on a town by town basis. Winnetka, Wilmette and Lake Forest had double digit gains, while Kenilworth, Northfield and Glencoe went the other direction.
Market time overall was flat compared to last year at 113 days. Evanston continues to have the shortest market time, at 66 days. Lake Forest and Glencoe had the longest average time on market, at 211 days and 256 days, respectively.
Accepted Offers - September 2018 vs. Year Ago
While closed sales were down for the month, accepted offers were up 10%, boding well for future closings. Most towns had nice increases over last year, though Evanston, Kenilworth and Glenview were flat and Glencoe actually decreased.
North Shore Chicago Real Estate Update - 1st Nine Months 2018 vs. YGO
Year-to-date closed sales were down 5% through September, with all towns posting declines except Glencoe (+23%) and Lake Forest, which was flat.
The median price for the North Shore was up only 1%. Wilmette, High;and Park, Winnetka and Evanston were up, while the remaining towns had modest declines.
Average market time for the year hovers around 4 months. Only Wilmette and Evanston are below the North Shore average. Lake Forest is significantly above, at 199 days or six and a half months.
Why is the North Shore so much slower than the rest of the U.S? It’s the confluence of three main trends: 1) Fewer job transfers into the area; 2) Illinois population losses driven by high property taxes and a poor economic prognosis for the state; and 3) More people preferring to stay in the city vs. moving to the suburbs.
What does this mean for home buyers and sellers?
For buyers it means that good deals can be had. There's still plenty of inventory available and prices are coming down.
For sellers who need to sell, pricing right will be critical, as will getting your house staged.
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.
Wondering what your home is worth in today's market? You can get an instant value here.