North Shore And Barrington Area Housing Market Sales Up

It’s a Seller’s Market

Northbrook, IL – August 28, 2017 – (RealEstateRama) —  Sales across the United States are pointing to a national trend in real estate: a shift to a predominantly seller’s market.  Nearly two years into a market where the number of houses for sale has steadily dropped and the median sales price has increased, shortages in new construction continue.

According to the North Shore-Barrington Association of REALTORS^® (NSBAR), latest data shows new listings increased 0.6 percent to 1,336, up from 1,328 a year ago. The number of closed sales increased 2.5 percent to 864 for July 2017 compared to 843 in July 2016. However, the number of homes under contract (contingent and pending) – is down 0.4 percent with 669 homes going under contract in July compared to 672 for the same period last year.

“Median sales prices are increasing, making this a good time to sell,” said Carrie Nadler Healy, president of NSBAR. “Because the number of homes for sale has consistently been low for nearly two years, sellers with good homes are getting multiple offers over their asking price.  Plus, many sellers are seeing their homes off the market after a single day.”

The median sales price increased 1.7 percent in July, to $460,675, compared to $453,000 during the same period in July 2016, but the average listing price declined 5.3 percent with the percentage of the original list price also slightly declining to 0.3 percent to 94.1 percent from 94.4 in July 2016.

The inventory of homes in the North Shore and Barrington area decreased by 7.2 percent in July, compared to a year ago going from 4,387 to 4,070.  The months’ supply of homes for sale declined 9.7 percent from 6.9 months in July 2016 to 6.3 months last month.

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

– Year-to-date, 3,288 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 July was four times the number reporting a decrease, compared to July 2016.  The median sales price increased in twice as many communities as last year.  Communities reporting an increase (or no change) in the number of sales compared to July 2016 include Barrington, Deerfield, Glencoe, Golf-Glenview, Highland Park, Highwood, Kenilworth, Lake Bluff, Lake Forest, Lincolnwood, Northbrook, Prairie View, Wilmette and Winnetka.

–  Barrington area – 407 detached single-family homes sold year-to-date, up 15.6 percent compared to 352 detached single-family homes sold in July 2016.  The median sale price in July 2017 was $520,000, up 6.1 percent compared to $490,000 a year ago.

– Deerfield – 186 detached single-family homes sold year-to-date, up 6.3 percent compared to 175 detached single-family homes sold in July 2016.  The median sales price in July 2017 was $575,500, up 8.8 percent compared to $529,000 a year ago.

–  Evanston – 278 detached single-family homes sold year-to-date, down 6.4 percent compared to 297 detached single-family homes sold in July 2016.  The median sale price in July 2017 was $547,500, up 3.3 percent compared to $530,000 a year ago.

–  Golf-Glenview –  371 detached single-family homes sold year-to-date, up 18.2 percent compared to 314 detached single-family homes sold in July 2016.  The median sale price in July 2017 was $560,000, up 7.1 percent compared to $523,000 a year ago.

–  Lake Forest – 164 detached single-family homes sold year-to-date, up 9.3 percent compared to 150 detached single-family homes sold in July 2016.  The median sale price in July 2017 was $875,000, up 11.1 percent compared to $787,000 a year ago.

–  Northbrook – 298 detached single-family homes sold year-to-date, up 10.4 percent compared to 270 detached single-family homes sold in July 2016.  The median sale price in July 2017 was $545,000, down 0.5 percent compared to $575,500 a year ago.

–  Skokie – 283 detached single-family homes sold year-to-date, up 9.0 percent compared to 311 detached single-family homes sold in July 2016.  The median sale price in July 2017 was $326,000, up 1.6 percent compared to $321,000 a year ago.

–  Winnetka – 171 detached single-family homes sold year-to-date, up 18.8 percent compared to 144 detached single-family homes sold in July 2016.  The median sale price in July 2017 was $1,100,000, down 9.3 percent compared to $1,212,500 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 3,700 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.

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