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North Shore Market Report

North Shore home sales in the third quarter continue to be strong

North Shore homes sales in the 3rd quarter of 2012 were up 17% from the 3rd quarter of 2011.  In the first half of 2012 sales were up 15% from 2011 so the market is continuing to strengthen.  I was recently on the NBC Nightly News with Brian Williams commenting on this fact.  Here is a link to the clip:  http://video.msnbc.msn.com/nightly-news/49095058#49095058

Here are the 3rd quarter statistics:

 

Number of Homes Sales

Average Market Time

3rd Q-11

3rd Q-12

3rd Q-11

3rd Q-12

Wilmette

94

113

92

76

Evanston

110

131

127

118

Winnetka

73

72

143

158

Glenview

131

135

149

138

North Shore

1048

1229

155

138

Average Home Price (in thousands)

Median Home Price (in thousands)

3rd Q-11

3rd Q-12

% Change

3rd Q-11

3rd Q-12

% Change

Wilmette

729

779

7%

651

705

8%

Evanston

518

503

-3%

453

455

0%

Winnetka

1261

1187

-6%

1100

1043

-5%

Glenview

542

608

12%

475

538

13%

North Shore

632

604

-4%

491

496

1%

The above statistics are for detached single family homes and were compiled from data collected by the Multiple Listing Service (Midwest Real Estate Data LLC), and may not include all home sales

Prices:  Single family home prices have been improving this year.  However, this has been hard to discern because there have been more sales in the lower price ranges bringing the averages down.  Nevertheless, this quarter Wilmette’s median home price shows an increase of 8% over the 3rd quarter of 2011, and the median price for the North Shore is up 1%.  

Interest Rates:  Interest Rates continue to hit new all time lows with the 30 year fixed rate at about 3.50% for loans up to $417,000 (conforming).  Loans over $417,000 can get a 30 year fixed rate at about 3.75%.  The 15 year fixed is below 3.00%.  With these amazing low rates and prices still way below the peak, it is a great time to buy.

Foreclosures:  16% of North Shore sales in the 3rd quarter were either a foreclosure or short sale.  This is approximately the same as last year and still a big part of the market.  If prices continue to improve, then this number may start to go down again.  It is below the peak when over 20% of the market was a distressed sale.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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