New Year Sees Modest Increase In Homes For Sale
Northbrook, IL – (RealEstateRama) — A slight uptick in the number of new listings for the North Shore-Barrington housing market in January started the year on a positive note. Housing data for January shows the number of new listings and closed sales rose compared to 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 1.6 percent to 1,065, up from 1,048 a year ago. The number of closed sales increased 6.63 percent to 401 for January 2017 compared to 376 in January 2016. However, the number of homes under contract (contingent and pending) – which represents the largest increase in this month’s data report – is up 15.9 percent with 531 homes going under contract in January compared to 458 for the same period last year.
“January’s slight increase in new listings is a positive sign,” said Carrie Healy, president of NSBAR. “We’re hoping that potential sellers will see that now is a good time to put their homes on the market, because there are many people waiting to buy on the North Shore and Barrington areas.”
The median sales price slightly rose 0.7 percent in January, up to $405,000, compared to $402,000 during the same period in January 2016, and the average listing price rose to 5.3 percent with the percentage of the original list price slightly increasing to 92.2 percent from 92.0 in January 2016.
The inventory of homes in the North Shore and Barrington area decreased by 4.2 percent in January, compared to a year ago going from 3,145 to 3,012. The months’ supply of homes for sale fell from 5.1 months in January 2016 to 4.7 months last month.
Across the area region, year-to-date 2017 housing market highlights include:
– Year-to-date, 280 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 January was slightly more than those reporting a decrease, compared to January 2016. The median sales price decreased in half of the communities. Communities reporting an increase (or no change) in the number of sales compared to January 2016 include Barrington, Deerfield, Evanston, Glencoe, Golf-Glenview, Lincolnshire, Lincolnwood, Morton Grove, Northfield, and Winnetka.
– Barrington area – 49 detached single-family homes sold year-to-date, up 69.0 percent compared to 29 detached single-family homes sold in January 2016. The median sale price in January 2017 was $515,000, up 3.0 percent compared to $500,000 a year ago.
– Deerfield – 18 detached single-family homes sold year-to-date, up 12.5 percent compared to 16 detached single-family homes sold in January 2016. The median sales price in January 2017 was $653,000, up 2.4 percent compared to $637,500 a year ago.
– Evanston – 24 detached single-family homes sold year-to-date, up 33.3 percent compared to 18 detached single-family homes sold in January 2016. The median sale price in January 2017 was $422,500, up 14.8 percent compared to $368,000 a year ago.
– Golf-Glenview – 25 detached single-family homes sold year-to-date, up 31.6 percent compared to 19 detached single-family homes sold in January 2016. The median sale price in January 2017 was $610,000, up 23.2 percent compared to $495,000 a year ago.
– Lake Forest – 9 detached single-family homes sold year-to-date, down 30.8 percent compared to 13 detached single-family homes sold in January 2016. The median sale price in January 2017 was $680,000, down 16.0 percent compared to $810,000 a year ago.
– Northbrook – 18 detached single-family homes sold year-to-date, down 33.3 percent compared to 27 detached single-family homes sold in January 2016. The median sale price in January 2017 was $530,000, down 19.4 percent compared to $657,500 a year ago.
– Skokie – 30 detached single-family homes sold year-to-date, down 11.8 percent compared to 34 detached single-family homes sold in January 2016 . The median sale price in January 2017 was $296,500, down 7.6 percent compared to $321,000 a year ago.
– Winnetka – 17 detached single-family homes sold year-to-date, up 13.3 percent compared to 15 detached single-family homes sold in January 2016. The median sale price in January 2017 was $1,172,000, up 23.4 percent compared to $950,000 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.
