Fewer Listings but More Homes Under Contract
Northbrook, IL – December 22, 2017 – (RealEstateRama) — Fewer homes selling for fewer days at slightly higher prices has been the mantra for many areas in the housing market this year. This trend continues in this area with slight variations. Housing data for November shows the number of new listings fell from the same period in 2016, while houses under contact rose at a similar rate, according to the North Shore-Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data shows new listings decreased 14.4 percent to 680 down from 794 a year ago. The number of closed sales slightly increased 0.4 percent to 540 for November 2017 compared to 538 in November 2016. However, the number of homes under contract (contingent and pending) – which represents the largest increase in this month’s data report – is up 13.6 percent with 418 homes going under contract in November compared to 475 for the same period last year.
“Our market still looks good overall. We have great communities with great schools that continue to attract home buyers. While we continue having shortages of inventory in some market segments we have a great choice of homes available in others.” said Ian Robinson, president of NSBAR. “We’re waiting to see what the 2018 market will bring, especially with the unknown impact of the new tax legislation on the horizon.”
The median sales price fell 2.4 percent in November, down to $405,000, compared to $415,000 during the same period in November 2016, but the average list price rose 3.1 percent with the percentage of the original list price slightly decreasing to 92.1 percent from 92.4 in November 2016.
The inventory of homes in the North Shore and Barrington area decreased by 12.8 percent in November, compared to a year ago, going from 4,552 to 3,971. The months’ supply of homes for sale fell from 6.9 months in November 2016 to 5.8 months last month.
Across the area region, year-to-date 2017 housing market highlights include:
– Year-to-date, 4,982 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 November was nearly three times more than those reporting a decrease, compared to November 2016. The median sales price increased in more than half of the communities. Communities reporting an increase (or no change) in the number of sales compared to November 2016 include Barrington, Deerfield, Glencoe, Golf-Glenview, Highland Park, Kenilworth, Lake Bluff, Lake Forest, Lincolnwood, Mettawa, Morton Grove, Northbrook, Northfield, Prairie View, and Winnetka.
– Barrington area – 616 detached single-family homes sold year-to-date, up 13.0 percent compared to 545 detached single-family homes sold in November 2016. The median sale price in November 2017 was $520,000, up 6.8 percent compared to $486,750 a year ago.
– Deerfield – 283 detached single-family homes sold year-to-date, up 1.8 percent compared to 278 detached single-family homes sold in November 2016. The median sales price in November 2017 was $540,000, up 0.9 percent compared to $535,000 a year ago.
– Evanston – 432 detached single-family homes sold year-to-date, down 5.9 percent compared to 459 detached single-family homes sold in November 2016. The median sale price in November 2017 was $539,000, up 4.2 percent compared to $517,500 a year ago.
– Golf-Glenview – 541 detached single-family homes sold year-to-date, up 3.4 percent compared to 523 detached single-family homes sold in November 2016. The median sale price in November 2017 was $545,000, up 2.8 percent compared to $530,000 a year ago.
– Lake Forest – 259 detached single-family homes sold year-to-date, up 2.4 percent compared to 253 detached single-family homes sold in November 2016. The median sale price in November 2017 was $844,000, up 6.8 percent compared to $790,000 a year ago.
– Northbrook – 465 detached single-family homes sold year-to-date, up 11.0 percent compared to 419 detached single-family homes sold in November 2016. The median sale price in November 2017 was $540,000, down 1.6 percent compared to $549,000 a year ago.
– Skokie – 433 detached single-family homes sold year-to-date, down 9.8 percent compared to 480 detached single-family homes sold in November 2016. The median sale price in November 2017 was $325,400, up 2.8 percent compared to $316,250 a year ago.
– Winnetka – 244 detached single-family homes sold year-to-date, up 7.0 percent compared to 228 detached single-family homes sold in November 2016. The median sale price in November 2017 was $1,123,750, down 5.2 percent compared to $1,185,750 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 3,700 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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