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
Average Home Price (in thousands)
Median Home Price (in thousands)
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.