Houses Under Contract Rise in North Shore and Barrington Area Housing Market

Sellers Getting a Higher Percentage of Their Asking Price

Northbrook, IL – July 29, 2016 – (RealEstateRama) — At the midpoint of 2016, early predictions of healthy market performance are holding for the North Shore-Barrington housing market. Housing data for June shows the number of new listings and closed sales slightly fell from the same period in 2015, while houses under contact rose substantially, according to the North Shore-Barrington Association of REALTORS® (NSBAR).

NSBAR’S latest data shows new listings decreased 2.1 percent to 1,557, down from 1,590 a year ago. The number of closed sales decreased 2.3 percent to 969 for June 2016 compared to 992 in June 2015. However, the number of homes under contract (contingent and pending) – which represents the largest increase in this month’s data report – is up 10.1 percent with 901 homes going under contract in June compared to 818 for the same period last year.

“This is an encouraging time for sellers,” said Keith Hancock, president of NSBAR. “Many sellers have been getting a higher percentage of their asking price because there are fewer houses on the market.”

The median sales price fell 4.1 percent in June, down to $435,000, compared to $453,750 during the same period in June 2015, but the average listing price slightly rose to 0.2 percent with the percentage of the original list price also slightly increasing to 94.5 percent from 94.3 in May 2015.

The inventory of homes in the North Shore and Barrington area slightly decreased by 1.5 percent in June, compared to a year ago going from 4,260 to 4,194. The months’ supply of homes for sale fell from 6.9 months in June 2015 to 6.5 months last month.
Across the area region, year-to-date 2016 housing market highlights include:

– Year-to-date, 2,482 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 slightly more than those reporting a decrease, compared to June 2015. The median sales price decreased in slightly more than half of the communities. Communities reporting an increase (or no change) in the number of sales compared to June 2015 include Barrington, Glencoe, Golf-Glenview, Highland Park, Highwood, Kenilworth, Lake Forest, Northbrook, Northfield, Prairie View, Skokie and Wilmette.

– Barrington area – 283 detached single-family homes sold year-to-date, up 1.1 percent compared to 280 detached single-family homes sold in June 2015. The median sale price in June 2016 was $495,000, down 2.0 percent compared to $505,000 a year ago.
– Evanston – 227 detached single-family homes sold year-to-date, down 2.6 percent compared to 233 detached single-family homes sold in June 2015. The median sale price in June 2016 was $510,800, up 9.8 percent compared to $465,000 a year ago.
– Golf-Glenview – 259 detached single-family homes sold year-to-date, up 12.6 percent compared to 230 detached single-family homes sold in June 2015. The median sale price in June 2016 was $510,000, down 8.1 percent compared to $555,000 a year ago.
– Lake Bluff – 67 detached single-family homes sold year-to-date, down 11.8 percent compared to 76 detached single-family homes sold in June 2015. The median sales price in June 2016 was $565,000, up 19.3 percent compared to $473,750 a year ago.
– Lake Forest – 126 detached single-family homes sold year-to-date, up 2.4 percent compared to 123 detached single-family homes sold in June 2015. The median sale price in June 2016 was $780,000, down 1.3 percent compared to $790,000 a year ago.
– Northbrook – 213 detached single-family homes sold year-to-date, up 3.9 percent compared to 205 detached single-family homes sold in June 2015. The median sale price in June 2016 was $555,000, up 0.9 percent compared to $550,000 a year ago.
– Skokie – 245 detached single-family homes sold year-to-date, up 14.5 percent compared to 214 detached single-family homes sold in June 2015. The median sale price in June 2016 was $325,400, up 16.2 percent compared to $280,000 a year ago.
– Winnetka – 108 detached single-family homes sold year-to-date, down 3.6 percent compared to 112 detached single-family homes sold in June 2015. The median sale price in June 2016 was $1,175,000, down 7.6 percent compared to $1,272,500 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.