2013 was a great year for North Shore real estate. The number of single family home sales in the North Shore increased by 18% and market times declined by a phenomenal 32%. The real estate market has made a substantial recovery from the downturn that began in 2007.
Inventory: Inventory throughout 2013 was low and that continues to be the case and is a prime cause of the huge decline in market times. Wilmette and Evanston have less than 2 months of inventory on the market. Sellers would be smart get their homes on soon with this very scant inventory.
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Prices: Prices finally began to noticeably increase after the years of decline. The median North Shore single family home price increased 8%. However, the numbers are still well below their peaks. In 2007, the median sale price in the North Shore was $663K which was 27% higher than in 2013.
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Interest Rates: Interest rates hit all time lows in early 2013 and then began going up. The 30 year fixed conforming loan rate is currently about 4.5% (loans of $417,000 or less). That is a great rate historically, but up from the all time low’s of about 3.5% that we saw in early 2013. Jumbo loans, however, have come down recently and are actually lower than conforming loans right now. That is a very rare occurrence. The 30 year fixed jumbo is at about 4.25%. Barely above its all times lows.
Short Sales/Foreclosures: 14% of North Shore single family homes sales in 2013 were either a short sale or a foreclosed property being re-sold by the lender. This percentage continues to decline. Last year it was 19% of sales and in 2010, the peak year, 23% of home sales fit into this category. I would expect this downward trend to continue.
2013 North Shore Home Sale Facts: Highest Sale Price: $12,700,000; Lowest sale price: $30,000; Longest market time: 2587 days (home was listed in 2006); Most Bathrooms: 10; Suburb with the most sales at 5 million and above: Winnetka with 3 and that includes one that was priced at $3,995,000. That must have been one heck of a bidding war.
