2015: A Good Year for the North Shore and Barrington Area Housing Market

Prices, closed sales and listings all up over 2014 figures

Northbrook, IL—January xx, 2016 — “Low interest rates and improved employment made for a good year for the local residential real estate market,” said Keith Hancock, president of the North Shore-Barrington Association of Realtors® (NSBAR). “Median home prices were up more than 2 percent for the year compared to 2014, and the number of closed sales year-over-year increased nearly 4 percent.”

According to NSBAR data, the median sales price for 2015 was $405,000, up 2.5 percent from $395,000 in 2014. For December only, the median sales price was $400,000, up 12.8 percent from December 2014, when the median sales price was $354,500.

The number of closed sales and listings under contract was also up on an annual and month-over-month basis. NSBAR reported the number of closed sales increased from 7,153 in 2014 to 7,429 in 2015 (+3.9 percent). Listings under contract increased from 7,126 in 2014 to 7,560 in 2015 (+6.1 percent).

While new listings were up substantially for the year – an increase of 7.2 percent from 13,021 (2014) to 13,960 (2015) – the number of new listings for December 2015 was down 4.1 percent compared to December 2014.

The North Shore-Barrington market saw a big bump in the number of closed sales last month compared to the previous month: 519 in December, up nearly 20 percent from the 434 closed sales in November. While the prospect of higher mortgage rates in 2016 may have pushed some to close before the end of the year, the housing market took the Federal Reserve short-term lending rate increase in stride. “We believe consumers view the rate increase as a reflection of an improving market; it’s the new normal,” said NSBAR CEO Steve Volkodav. He added, “With the recent reduced oil prices, we need to pay close attention and watch how that will affect the economy.”

“Whether you view the data cumulatively for the year, or compare current data to the same time last year, it was a pretty good year for the North Shore-Barrington market,” said Hancock. “Given the decline in the supply of homes for sales in the market, sellers should be confident as we move into 2016.” The supply of homes in December was 4.6 months—down 4.6 percent from a year ago. This is the lowest supply level seen since January 2015.

“There’s good news for buyers as well,” continued Hancock. “We are seeing a substantial increase in the amount of time a home sits on the market, which gives buyers a bit of leverage in the marketplace.” Time on the market increased a whopping 34.7 percent in December 2015 to 137 days, compared to 101 days for the same period in 2014.
Across the North Shore-Barrington region, December 2015 housing market highlights include:

– Year-to-date, 4,949 detached single-family homes sold in the North Shore – Barrington market. In the majority of communities, the number of home sales for 2015 increased along with the median sale prices. Communities reporting an increase (or no change) in the number of sales year-to-date compared to December 2014 include Barrington, Deerfield, Evanston, Golf-Glenview, Highland Park, Lake Bluff, Lincolnshire, Lincolnwood, Mettawa, Morton Grove, Northbrook, and Winnetka.

– Barrington area – 595 detached single-family homes sold year-to-date, up 10.4 percent compared to 539 detached single-family homes sold by December 2014. The median sale price in December 2015 was $500,000, down 1 percent compared to $505,000 a year ago.
– Deerfield – 272 detached single-family homes sold year-to-date, up 22.5 percent compared to 222 detached single-family homes sold by December 2014. The median sale price in December 2015 was $520,000, up 3.2 percent compared to $503,857 a year ago.
– Evanston – 490 detached single-family homes sold year-to-date, up 15 percent compared to 426 detached single-family homes sold by December 2014. The median sale price in December 2015 was $504,500, up 3 percent compared to $490,000 a year ago.

– Golf-Glenview – 502 detached single-family homes sold year-to-date, up 3.7 percent compared to 484 detached single-family homes sold by December 2014. The median sale price in December 2015 was $550,000, up 7.8 percent compared to $510,000 a year ago.
– Lake Forest – 241 detached single-family homes sold year-to-date, down 13 percent compared to 277 detached single-family homes sold by December 2014. The median sale price in December 2015 was $835,000, up 8.1 percent compared to $772,500 a year ago.
– Northbrook – 443 detached single-family homes sold year-to-date, up 7.3 percent compared to 413 detached single-family homes sold by December 2014. The median sale price in December 2015 was $540,000, up 1.9 percent compared to $530,000 a year ago.
– Skokie – 491 detached single-family homes sold year-to-date, down 1.6 percent compared to 499 detached single-family homes sold by December 2014. The median sale price in December 2015 was $280,000, up 0.5 percent compared to $278,500 a year ago.

– Winnetka – 211 detached single-family homes sold year-to-date, up 0.5 percent compared to 210 detached single-family homes sold by December 2014. The median sale price in December 2015 was $1,200,000, down 2 percent compared to $1,224,750 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 3,500 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.