New Listings And Listings Under Contract Up In The North Shore And Barrington Area Housing Market

Prices moderate as inventory rises, compared to a year ago;
it’s a great time for renters contemplating a purchase to act

WASHINGTON, D.C. – September 24, 2015 – (RealEstateRama) — New listings in the North Shore – Barrington housing market increased 1.4 percent to 1,158 in August, up from 1,142 in August 2014, according to the North Shore – Barrington Association of Realtors (NSBAR).

Also increasing was the number of listings under contract, which rose 4.3 percent to 686 last month, up from 658 a year ago in August. The number of closed sales declined just slightly (0.9 percent), from 805 in August 2014 to 798 in August 2015.

“The increase in listing and contract activity, compared to the same period a year ago, is sign of the strength of the local housing market,” said NSBAR Board President Wayne Paprocki, a broker with Realty Advisors North. “We are seeing a slight softening in the home sales price compared to this time last year, possibly due to the fact buyers have significantly more inventory from which to find a home.”

The median sales price for August 2015 was $415,000 in the North Shore – Barrington housing market, down 5.7 percent from $440,000 a year ago. Conversely, the inventory of homes for sale increased 5.2 percent to 4,008, up from 3,809 for this same period last year. The supply of housing inventory remains at a healthy balance of 6.4 months.

“The continued good news on the job front bodes well for the housing market,” said Paprocki. The Chicago metro area’s unemployment rate fell to 6.1 percent in July, from 7.4 percent a year ago, marking the 17th consecutive month in which the jobless rate fell in every metro area across the state. “We are confident the declining unemployment rate will translate to an increase in home sales and help nudge potential buyers out of the rental market.”

Nationally, rents have been rising steadily since 2000 but unlike home prices, the housing bubble burst in 2008 did nothing to disrupt rental prices. Suburban Chicago rents have increased five years in a row, rising 21 percent over that period, according to the Appraisal Research Counselors, a Chicago-based consulting firm, and surpassed the percent of rent increase in downtown Chicago in the 1Q 2015. The group projects a 4 percent increase in 2015 on suburban rents.

“While the Federal Reserve decided to hold its key interest rate near zero for now, most analysts expect a rate hike before the end of the year,” said Paprocki. “We encourage renters who are contemplating buying a home to act now, before such a rate hike, which will increase borrowing costs.”

Across the North Shore-Barrington region, August 2015 housing market highlights include:
– Year-to-date, 3,477 detached single-family homes sold in the North Shore-Barrington market. In the majority of communities, sales for 2015 increased along with the median sale prices. Communities reporting an increase (or no change) in sales year-to-date compared to August 2014 include Barrington, Deerfield, Evanston, Golf-Glenview, Highland Park, Lake Bluff, Lincolnshire, Lincolnwood, Morton Grove, Northbrook, Skokie, and Winnetka.

– Barrington area – 399 detached single-family homes sold year-to-date, up 4.2 percent compared to 383 detached single-family homes sold by August 2014. The median sale price in August 2015 was $499,000, a decrease of 1.2 percent compared to $505,000 a year ago.

– Deerfield – 198 detached single-family homes sold year-to-date, up 20.7 percent compared to 164 detached single-family homes sold by August 2014. The median sale price in August 2015 was $545,000, up 8.3 percent compared to $503,857 a year ago.

– Evanston – 341 detached single-family homes sold year-to-date, up 15.6 percent compared to 295 detached single-family homes sold by August 2014. The median sale price in August 2015 was $505,000, up 1.0 percent compared to $500,000 a year ago.

– Golf-Glenview – 354 detached single-family homes sold year-to-date, down 1.7 percent compared to 348 detached single-family homes sold by August 2014. The median sale price in August 2015 was $571,950, up 10.0 percent compared to $520,000 a year ago.

– Lake Forest – 181 detached single-family homes sold year-to-date, down 3.7 percent compared to 188 detached single-family homes sold by August 2014. The median sale price in August 2015 was $792,000, up 2.4 percent compared to $773,750 a year ago.

– Northbrook – 301 detached single-family homes sold year-to-date, up 12.3 percent compared to 268 detached single-family homes sold by August 2014. The median sale price in August 2015 was $550,000, up 5.9 percent compared to $519,500 a year ago.

– Skokie – 331 detached single-family homes sold year-to-date, up 1.8 percent compared to 325 detached single-family homes sold by August 2014. The median sale price in August 2015 was $280,000, up 1.7 percent compared to $275,200 a year ago.

– Winnetka – 162 detached single-family homes sold year-to-date, showing no change from August 2014. The median sale price in August 2015 was $1,251,750, up 1.4 percent compared to $1,234,750 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.

Media Contact:
Steve Volkodav
Phone: (847) 480-7177
Email: Steve (at) nsbar (dot) org