In 2012 the number of single family home sales in the North Shore increased by 19% and market times declined. This is a clear sign that the real estate market is recovering from the downturn that began in 2007. Statistically prices stayed about the same as 2011 with the median North Shore home price dropping 1%. However, prices have been rising in many locations and the price statistics are thrown off some by the large number of lower end sales created by investors buying up inexpensive homes. Below are the home sale statistics for 2012:
Number of Homes Sales
Average Market Time
Average Home Price (in thousands)
Median Home Price (in thousands)
Inventory: In addition to the large increase in the number of home sales, another very encouraging aspect of the market, for sellers, is the very low inventory in many communities. Wilmette has approximately 63 homes actively on the market that are not under contract. That is just over a 2 month supply. Evanston has 93 such homes which is less than a 3 month supply. This is the lowest inventory for many years. This bodes very well for Sellers putting their homes on the market this year.
Interest Rates: The 3rd statistic that is very encouraging for Sellers and Buyers is the exceptionally low interest rates. Rates have been hovering for several months at or near all time lows. The 30 year fixed rate for loans of $417,000 and below is at about 3.5 percent. Jumbo loans are at about 4%. Even investors can get very attractive loan rates at about 4%.
Short Sales/Foreclosures: 19% of North Shore single family homes sales in 2012 were either a short sale or a foreclosed property being re-sold by the lender. This percentage continues to slowly decline from the peak year 2010 when 23% of home sales fit into this category. I would expect this slow downward trend to continue.
2012 North Shore Sales Facts: Highest Sale Price: $7,500,000; Lowest sale price: $36,000; Longest market time: 2026 days; Most Bathrooms: 11.