Listings Under Contract Up
Northbrook, IL – June 28, 2017 –- (RealEstateRama) — Midway through the second quarter, the North Shore and Barrington area housing markets continue to offer buyers what they are looking for in a home and sales in these areas reflect that. Housing data for May shows the number of new listings and median sales prices slightly fell from the same period in 2016, while closed sales rose substantially, followed in numbers by homes under contract, according to the North Shore-Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data shows new listings decreased 4.2 percent to 1,680, down from 1,754 a year ago. The largest increase in this month’s data report is the number of closed sales increased 15.3 percent to 888 for May 2017 compared to 770 in May 2016. The number of homes under contract (contingent and pending) is up 10.6 percent with 967 homes going under contract in May compared to 874 for the same period last year.
“Although new listings are slightly down, closed sales have increased, which is a positive sign for sellers,” said Carrie Healy, president of NSBAR. “As we move into the peak summer season, we’ll see more competition for homes, and higher prices as a result.”
The median sales price fell 3.4 percent in May, down to $430,000, compared to $445,250 during the same period in May 2016, and the average listing price fell 0.6 percent with the percentage of the original list price slightly increasing to 94.4 percent from 93.8 in May 2016.
The inventory of homes in the North Shore and Barrington area decreased by 10.2 percent in May, compared to a year ago going from 4,330 to 3,890. The months’ supply of homes for sale fell from 6.8 months in May 2016 to 6.9 months last month.
Across the area region, year-to-date 2017 housing market highlights include:
– Year-to-date, 2,118 detached single-family homes sold in the North Shore-Barrington market. Eighteen out of twenty communities in the region reporting an increase in the number of home sales for May, compared to May 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 May 2016 include Barrington, Deerfield, Evanston, Glencoe, Golf-Glenview, Highland Park, Highwood, Kenilworth, Lake Bluff, Lake Forest, Lincolnshire, Lincolnwood, Mettawa, Morton Grove, Northbrook, Skokie, Wilmette and Winnetka.
– Barrington area – 262 detached single-family homes sold year-to-date, up 18.0 percent compared to 222 detached single-family homes sold in May 2016. The median sale price in May 2017 was $520,000, up 5.6 percent compared to $492,500 a year ago.
– Deerfield – 136 detached single-family homes sold year-to-date, up 51.1 percent compared to 90 detached single-family homes sold in May 2016. The median sales price in May 2017 was $558,750, up 2.1 percent compared to $547,250 a year ago.
– Evanston – 172 detached single-family homes sold year-to-date, up 14.7 percent compared to 150 detached single-family homes sold in May 2016. The median sale price in May 2017 was $482,500, down 1.1 percent compared to $488,000 a year ago.
– Golf-Glenview – 240 detached single-family homes sold year-to-date, up 29.7 percent compared to 185 detached single-family homes sold in May 2016. The median sale price in May 2017 was $535,000, up 5.9 percent compared to $505,000 a year ago.
– Lake Forest – 94 detached single-family homes sold year-to-date, up 6.8 percent compared to 88 detached single-family homes sold in May 2016. The median sale price in May 2017 was $852,000, up 13.6 percent compared to $750,000 a year ago.
– Northbrook – 185 detached single-family homes sold year-to-date, up 17.8 percent compared to 157 detached single-family homes sold in May 2016. The median sale price in May 2017 was $550,000, flat compared to $550,000 a year ago.
– Skokie – 190 detached single-family homes sold year-to-date, up 6.7 percent compared to 178 detached single-family homes sold in May 2016. The median sale price in May 2017 was $319,750, down 1.6 percent compared to $325,000 a year ago.
– Winnetka – 108 detached single-family homes sold year-to-date, up 40.3 percent compared to 77 detached single-family homes sold in May 2016. The median sale price in May 2017 was $1,037,500, down 3.5 percent compared to $1,075,000 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.
