North Shore and Barrington Area Housing Market Show Growth

Increases Continue Despite Lack Of Inventory

Northbrook, IL – July 27, 2017 – (RealEstateRama) — As the second quarter of 2017 ends, the North Shore-Barrington housing market shows an increase in new listings, median and average sales prices. Housing data for June also shows continued growth for closed sales and houses under contract, according to the North Shore-Barrington Association of REALTORS® (NSBAR).

NSBAR’S latest data shows new listings increased 7.4 percent to 1,661, up from 1,547 a year ago. The number of closed sales increased 7.3 percent to 1,049 for June 2017 compared to 978 in June 2016. The number of homes under contract (contingent and pending) is up 1.1 percent with 836 homes going under contract in June compared to 827 for the same period last year.

“The North Shore and Barrington areas are seeing an increase in new listings and closed sales despite an overall decrease in the inventory of homes for sale as compared to last year,” said Carrie Healy, president of NSBAR. “Low inventory continues to present a challenge to buyers.”

The median sales price rose 8.2 percent in June, up to $469,000, compared to $433,500 during the same period in June 2016, but the average listing price decreased 1.5 percent with the percentage of the original list price remaining flat at 94.6 percent compared to June 2016.

The inventory of homes in the North Shore and Barrington area decreased by 7.1 percent in June, compared to a year ago, going from 4,366 to 4,057. The months’ supply of homes for sale fell from 6.9 months in June 2016 to 6.2 months last month.

Across the area region, year-to-date 2017 housing market highlights include:

– Year-to-date, 2,707 detached single-family homes sold in the North Shore-Barrington market. The number of communities in the region reporting an increase in the number of home sales for June was more than double those reporting a decrease, compared to June 2016. The median sales price increased in two-thirds of the communities. Communities reporting an increase (or no change) in the number of sales compared to June 2016 include Barrington, Deerfield, Evanston, Glencoe, Golf-Glenview, Highland Park, Kenilworth, Lake Bluff, Lincolnwood, Mettawa, Morton Grove, Northbrook, Prairie View and Winnetka.
– Barrington area – 342 detached single-family homes sold year-to-date, up 20.8 percent compared to 283 detached single-family homes sold in June 2016. The median sale price in June 2017 was $515,650, up 4.2 percent compared to $495,000 a year ago.
– Deerfield – 160 detached single-family homes sold year-to-date, up 23.1 percent compared to 130 detached single-family homes sold in June 2016. The median sales price in June 2017 was $565,500, up 6.4 percent compared to $531,500 a year ago.
– Evanston – 228 detached single-family homes sold year-to-date, up 0.4 percent compared to 227 detached single-family homes sold in June 2016. The median sale price in June 2017 was $531,250, up 4.0 percent compared to $510,800 a year ago.
– Golf-Glenview – 306 detached single-family homes sold year-to-date, up 18.1 percent compared to 259 detached single-family homes sold in June 2016. The median sale price in June 2017 was $546,250, up 7.1 percent compared to $510,000 a year ago.
– Kenilworth – 34 detached single-family homes sold year-to-date, up 78.9 percent compared to 19 detached single-family homes sold in June 2016. The median sale price in June 2017 was $1,429,500, up 40.1 percent compared to $1,020,000 a year ago.
– Northbrook – 249 detached single-family homes sold year-to-date, up 16.9 percent compared to 213 detached single-family homes sold in June 2016. The median sale price in June 2017 was $550,000, down 0.9 percent compared to $555,000 a year ago.
– Skokie – 238 detached single-family homes sold year-to-date, down 2.9 percent compared to 245 detached single-family homes sold in June 2016. The median sale price in June 2017 was $324,000, down 0.4 percent compared to $325,400 a year ago.
– Winnetka – 141 detached single-family homes sold year-to-date, up 30.6 percent compared to 108 detached single-family homes sold in June 2016. The median sale price in June 2017 was $1,122,500, down 4.5 percent compared to $1,175,750 a year ago.
Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).

The North Shore-Barrington Association of REALTORS®(NSBAR) represents more than 3,700 practitioners in residential and commercial real estate. Since 1919, it has been the area’s leading advocate for private property rights and a healthy real estate environment. Visit NSBAR online at www.nsbar.org.
Based on Census Tract data, MRED defines the North Shore as including Bannockburn, Deerfield, Evanston, Glencoe, Glenview, Golf, Highland Park, Highwood, Kenilworth, Lake Bluff, Lake Forest, Lincolnshire, Lincolnwood, Mettawa, Morton Grove, Northbrook, Northfield, Prairie View, Riverwoods, Skokie, Wilmette and Winnetka.

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NSBAR

The North Shore-Barrington Association of REALTORS® (NSBAR) represents more than 3,500 practitioners in residential and commercial real estate. Since 1919 it has been the area’s leading advocate for private property rights and a healthy real estate environment. NSBAR support REALTORS® in the North Shore and Barrington region.

Contact:

Phone (847) 480-7177
Fax (847) 480-7362

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