Spring home buying season off to strong start in the North Shore and Barrington Area Housing Market

Listings, sales, prices and inventory all up

Northbrook, IL – (RealEstateRama) — Local home sales data for April is in and it confirms that the prevailing trends of last year have continued into 2016 with strong positive indicators for the spring home sales season.

The number of new listings, homes under contract and closed sales in the North Shore Barrington housing market are all up from the same period in 2015, according to the North Shore-Barrington Association of Realtors® (NSBAR). New listings increased 4.9 percent to 1,660, up from 1,583 a year ago.

NSBAR reports that homes under contract (contingent and pending) are up a whopping 16.2 percent compared to the same period last year, rising from 784 to 911; and the number of closed sales is also up significantly, increasing 10.7 percent from 578 in April 2015 to 640 last month.

“While the data reflects what we have been predicting for some time, predictability, in this case, is a good thing,” said Keith Hancock, president of NSBAR. “There have been no striking changes on the economic landscape to curtail what should be a good run of home sales during the traditionally active spring home buying months.”

Median home sale prices are up 8.2 percent, compared to April of 2015, and are at the highest level so far in 2016; increasing more than 14 percent from March 2016. The percentage of the original list price received is 93.9 percent, up 0.5 percent from 2015 and up 1.1 percent from March of 2016.

“Mortgage rates have remained low and job growth and wage increases are on the rise in the Chicago area, which means more people are confidently getting into the house hunting market,” said NSBAR CEO Steve Volkodav. “This is a win-win scenario for buyers and sellers.”

Area sellers are encouraged as the months’ supply of homes for sale is down 2.4 percent to 6.1 months, compared to a year ago, in spite of an increase in inventory. Housing inventory in the North Shore Barrington market rose by 2.4 percent, from 3,812 homes in April 2015 to 3,905 homes in April 2016. The number of days a home sat on the market rose from 114 in April 2015 to 124 days last month, but is down six days from the 130 days reported in March 2016. The current length of time a home sat on the market is at its lowest point this year.

Across the area region, year-to-date 2016 housing market highlights include:

– Year-to-date, 1,229 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 April was less than those reporting a decrease, compared to April 2015. The median sales price increased in eight of the 20 communities covered: Deerfield, Evanston, Highwood, Lake Bluff, Lake Forest, Morton Grove, Northfield and Skokie. Communities reporting an increase (or no change) in the number of sales compared to April 2015 include Barrington Area, Golf, Glenview, Highland Park, Prairie View, Skokie, Winnetka and Wilmette.

– Barrington area – 153 detached single-family homes sold year-to-date, up 15.9 percent compared to 132 detached single-family homes sold in April 2015. The median sale price in April 2016 was $500,000, down 2.0 percent compared to $510,000 a year ago.

– Deerfield – 65 detached single-family homes sold year-to-date, down 5.8 percent compared to 69 detached single-family homes sold in April 2015. The median sale price in April 2016 was $550,000, up 13.8 percent compared to $483,500 a year ago.

– Evanston – 114 detached single-family homes sold year-to-date, down 7.3 percent compared to 123 detached single-family homes sold in April 2015. The median sale price in April 2016 was $481,250, up 15.1 percent compared to $418,000 a year ago.

– Golf-Glenview – 123 detached single-family homes sold year-to-date, up 15 percent compared to 107 detached single-family homes sold in April 2015. The median sale price in April 2016 was $480,000, down 8.6 percent compared to $525,000 a year ago.

– Lake Forest – 58 detached single-family homes sold year-to-date, down 7.9 percent compared to 63 detached single-family homes sold in April 2015. The median sale price in April 2016 was $765,000, up 8.1 percent compared to $707,500 a year ago.

– Northbrook – 102 detached single-family homes sold year-to-date, down 10.5 percent compared to 114 detached single-family homes sold in April 2015. The median sale price in April 2016 was $538,500, down 1.3 percent compared to $545,500 a year ago.

– Skokie – 133 detached single-family homes sold year-to-date, up 19.8 percent compared to 111 detached single-family homes sold in April 2015. The median sale price in April 2016 was $323,000, up 15.4 percent compared to $280,000 a year ago.

– Winnetka – 55 detached single-family homes sold year-to-date, up 7.8 percent compared to 51 detached single-family homes sold in April 2015. The median sale price in April 2016 was $1,050,000, down 19.2 percent compared to $1,300,000 a year ago.

Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).

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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. 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.