North Shore And Barrington-Area Housing Market Post Gains In Home Sales

Northbrook, IL –  September 29, 2016 – (RealEstateRama) —  Although closed sales began to decline in most of the country during August, the North Shore-Barrington market posted gains in this and most other key metrics.

NSBAR’S latest data shows new listings increased 2.0 percent to 1,188, up from 1,165 a year ago, and year to date increased by 5.7 percent. The number of closed sales increased 8.8 percent to 875 for August 2016 compared to 804 in August 2015, and year to date increased by 2.6 percent. In keeping with much of the country, the number of homes under contract (contingent and pending) is slightly down 0.6 percent with 635 homes going under contract in August compared to 639 for the same period last year, although year to date is up 3.6 percent.

“As inventory drops, sellers should feel confident asking for a fair price,” said Carrie Healy, new president of NSBAR. “The ongoing demand for homes has created a competitive market that is keeping prices up.”

The median sales price rose 2.7 percent in August, up to $425,000, compared to $413,750 during the same period in August 2015, and the average list price rose 0.5 percent with the percentage of the original list price received slightly decreasing by 0.2 percent to 93.2 percent from 93.5 in August 2015.

The inventory of homes in the North Shore and Barrington area slightly decreased by 1.5 percent in August, compared to a year ago going from 4,161 to 4,097.  The months’ supply of homes for sale fell from 6.7 months in July 2015 to 6.4 months last month.

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

– Year-to-date, 3,625 detached single-family homes sold in the North Shore-Barrington market.  Only four communities in the region reported a decrease in the number of home sales for August 2016 compared to August 2015.  The average median price decreased in slightly more than half of the communities.  Communities reporting an increase (or no change) in the number of sales compared to August 2015 include Barrington, Deerfield, Evanston, Glencoe, Golf-Glenview, Highland Park, Highwood, Kenilworth, Lake Forest, Lincolnshire, Northbrook, Northfield, Prairie View, Skokie, Wilmette and Winnetka.

– Barrington area – 419 detached single-family homes sold year-to-date, up 5.0 percent compared to 399 detached single-family homes sold in August 2015.  The median sale price in August 2016 was $485,000, down 2.4 percent compared to $497,000 a year ago.

– Deerfield – 217 detached single-family homes sold year-to-date, up 9.6 percent compared to 198 detached single-family homes sold in August 2015.  The median sales price in August 2016 was $535,000, down 0.9 percent compared to $540,000 a year ago.

– Evanston – 357 detached single-family homes sold year-to-date, up 4.7 percent compared to 341 detached single-family homes sold in August 2015.  The median sale price in August 2016 was $530,000, up 5.6 percent compared to $502,000 a year ago.

– Golf-Glenview – 88 detached single-family homes sold year-to-date, up 9.6 percent compared to 354 detached single-family homes sold in August 2015.  The median sale price in August 2016 was $528,750, down 8.8 percent compared to $580,000 a year ago.

– Lake Forest – 182 detached single-family homes sold year-to-date, up 0.6 percent compared to 181 detached single-family homes sold in August 2015.  The median sale price in August 2016 was $806,250, up 4.0 percent compared to $775,000 a year ago.

– Northbrook – 321 detached single-family homes sold year-to-date, up 6.6 percent compared to 301 detached single-family homes sold in August 2015.  The median sale price in August 2016 was $545,000, down 0.9 percent compared to $550,000 a year ago.

– Skokie – 371 detached single-family homes sold year-to-date, up 12.1 percent compared to 331 detached single-family homes sold in August 2015.  The median sale price in August 2016 was up $320,000, up 14.3 percent compared to $280,000 a year ago.

– Winnetka – 179 detached single-family homes sold year-to-date, up 10.5 percent compared to 162 detached single-family homes sold in August 2015.  The median sale price in August 2016 was $1,225,000, down 2.7 percent compared to $1,259,250 a year ago.

Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED); MRED is the area’s multiple listing service.

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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.