North Shore And Barrington Area Housing Market Increases

First Quarter Off to a Good Start

Northbrook, IL – April 24, 2017 – (RealEstateRama) —  Early predictions of a healthy market performance for the first quarter have held true for the North Shore-Barrington housing market.  Housing data for March shows the number of new listings and closed sales rose from the same period in 2016, while houses under contact rose substantially, according to the North Shore-Barrington Association of REALTORS^® (NSBAR).

NSBAR’S latest data shows new listings increased 6.6 percent to 1,631, up from 1,530 a year ago. The number of closed sales increased 9.6 percent to 571 for March 2017 compared to 521 in March 2016.  The number of homes under contract (contingent and pending) – which represents the largest increase in this month’s data report – is up 21.8 percent with 971 homes going under contract in March compared to 747 for the same period last year.

“We’re off to a good start for 2017, which is encouraging,” said Carrie Healy, president of NSBAR. “As our economy improves and consumer confidence rises, sales should increase as we go into our busiest months.”

The median sales price rose 6.6 percent in March, up to $405,000, compared to $380,000 during the same period in March 2016, and the average listing price rose to 4.0 percent with the percentage of the original list price also slightly increasing to 93.3 percent from 92.8 in March 2016.

The inventory of homes in the North Shore and Barrington area decreased by 5.7 percent in March, compared to a year ago going from 3,798 to 3,580.  The months’ supply of homes for sale fell from 6.1 months in March 2016 to 5.5 months last month.

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

–  Year-to-date, 901 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 March was slightly more than those reporting a decrease, compared to March 2016.  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 March 2016 include:  Barrington, Deerfield, Glencoe, Golf-Glenview, Highland Park, Kenilworth, Lincolnshire, Lincolnwood, Mettawa, Morton Grove, Northbrook, Prairie View, Wilmette and Winnetka.

–  Barrington area – 124 detached single-family homes sold year-to-date, up 21.6 percent compared to 102 detached single-family homes sold in March 2016.  The median sale price in March 2017 was $486,250, down 1.3 percent compared to $492,500 a year ago.

–  Deerfield – 59 detached single-family homes sold year-to-date, up 68.6 percent compared to 35 detached single-family homes sold in March 2016.  The median sales price in March 2017 was $560,000, up 1.8 percent compared to $550,000 a year ago.

–  Evanston – 71 detached single-family homes sold year-to-date, down 2.7 percent compared to 73 detached single-family homes sold in March 2016.  The median sale price in March 2017 was $435,000, up 4.6 percent compared to $415,000 a year ago.

–  Golf-Glenview –  93 detached single-family homes sold year-to-date, up 9.4 percent compared to 85 detached single-family homes sold in March 2016.  The median sale price in March 2017 was $505,000, up 8.6 percent compared to $465,000 a year ago.

–  Lake Forest – 33 detached single-family homes sold year-to-date, down 23.3 percent compared to 43 detached single-family homes sold in March 2016.  The median sale price in March 2017 was $810,000, up 7.3 percent compared to $755,000 a year ago.

–  Northbrook – 77 detached single-family homes sold year-to-date, up 13.2 percent compared to 68 detached single-family homes sold in March 2016.  The median sale price in March 2017 was $550,000, down 2.0 percent compared to $561,250 a year ago.

–  Skokie – 83 detached single-family homes sold year-to-date, down 13.5 percent compared to 96 detached single-family homes sold in March 2016.  The median sale price in March 2017 was $315,000, down 2.0 percent compared to $321,500 a year ago.

–  Winnetka – 53 detached single-family homes sold year-to-date, up 32.5 percent compared to 40 detached single-family homes sold in March 2016.  The median sale price in March 2017 was $1,100,000, up 12.0 percent compared to $982,000 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 3,600 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.