North Shore single family homes sales were up 15% in the first half of 2012 compared to 2011. This is a good sign that the market has begun to recover. Statistically prices are down this year, but I believe this is a case of statistics not telling the full story. I have seen homes sell faster and for better prices than they would have gotten last year. The increased sales volume has occurred more at the lower end of the market thus pushing down average and median prices. However, if you were to compare the sale price for identical North Shore homes this year and last year, the price this year would be a little higher.
In spite of generally weak economic data the past few months, homes sales continue to be strong. Here are the first half statistics.
Number of Homes Sales Average Market Time ½ yr-11 ½ yr-12 ½ yr-11 ½ yr-12 Wilmette 122 167 143 127 Evanston 156 204 150 142 Winnetka 96 93 214 193 Glenview 180 191 208 183 North Shore 1537 1766 197 165 Average Home Price (in thousands) Median Home Price (in thousands) ½ yr-11 ½ yr-12 % Change ½ yr-11 ½ yr-12 % Change Wilmette 745 682 -8% 687 555 -19% Evanston 486 522 7% 466 451 -3% Winnetka 1328 1355 2% 1007 1235 23% Glenview 577 522 -10% 494 430 -13% North Shore 634 585 -8% 460 440 -4%
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
Foreclosures: 19% of North Shore sales in 2012 have been either a foreclosure or short sale. That number is down. For several years we have heard that foreclosures were going to flood the market at some point. While it is true that we continue to have a lot of foreclosures, many more than we saw prior to the recession, the predicted flood has not materialized in the North Shore and I now think it is not going to happen.
Interest Rates: Have hit new lows again. They have gotten down to around 3.5% percent for 30 year fixed loans up to $417,000. The best rates are contingent upon a significant down payment and a high credit score. 15 year loans are around 3%. 30 year Jumbo loans are close to 4%. These are all time low rates again.
I hope this information is helpful to you. Please call me if you have any questions about it or other real estate matters.