Health & Fitness
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:
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Number of Homes Sales
Average Market Time
Find out what's happening in Wilmette-Kenilworthwith free, real-time updates from Patch.
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.
