The media has been positive about the housing market of late, due to increasing home sales and home values for much of the country. Real estate, however, is all about location, and this is no different here on the North Shore. Having said that, the above chart tracks local single family market trends, for the Villages comprising New Trier Township over the course of the past 12 months, through September of 2012.
The local single family housing market is in a state of transition, with little continuity over the past 12 months. One trend that does stand out, buyers are on the lookout for value. Single Family homes in the 400K – 600K price range are moving quickly, having a positive impact on the villages with the highest weighting of lower price points to include: Northfield with home sales up significantly 64.4% and Wilmette up 23.8% . On the flip side, both villages saw a decrease in home values from a year ago, with medium home values in Northfield down -15% and Wilmette down -6.9%. Conversely Kenilworth, the only village that has seen any type of positive appreciation in home values since 2006, is actually down a significant 27.5% from a year ago, (putting home values on par with Winnetka)……however as in any study, use caution when evaluating these numbers, as the smaller the data available the greater likelihood the results can vary. Glencoe finished best over all, as home prices and sales increased, as well as both inventory and market time are down.
The encouraging news for local housing trends, is the supply of single family home-inventory for all five communities is down to levels not seen since 2003. Wilmette having the least amount of single family inventory , based on the month’s supply with only 4.6 months. How this translates to a home seller is that less competition means a greater chance of selling their home faster and for a number closer to asking price, assuming the home is priced at fair market value. Should this trend continue, it is likely we will begin to see property values increase, albeit at a slow pace, with home values projected to increase at a rate of approximately 2% to 3% over the course of the next few years! Interested in learning more about the local housing market, check out NewTrierLiving.info or feel free to leave a comment.