Home Sale Prices Rise, Month-over-Month Sales Increase in North Shore-Barrington

Spring home buying season is on track with more people purchasing homes in April than the previous month ‒ and higher median sales prices continued to be the silver lining for sellers in the North Shore area, reports the North Shore-Barrington Association of REALTORS® (NSBAR) in its April housing report.

Buyers looking for their dream home this spring are still finding a tight inventory in the North Shore area and around the state, while potential sellers find themselves in a strong position to satisfy pent-up buyer demand.

Across the North Shore area, 321 detached single-family homes sold in April 2014, down 21 percent compared to 406 detached single-family homes sold in April 2013. The area saw a 32 percent month-to-month increase in the number of home sales – from 244 in March to 321 in April. On average, homes were on the market in April 2014 for 90 days – more than one month (38 days) less than in the same period in 2013.

“North Shore-Barrington buyers can take heart this spring that they still have access to low mortgage rates,” said REALTOR® Jim Votanek, President of NSBAR and broker with @properties, Libertyville.  

“A lackluster inventory is stirring competition and driving up home sales, and the market time is shrinking month-to-month. Homebuyers can gain a financial foothold by doing their homework, organizing their finances and putting together a strong offer that will rise above the others,” added Votanek.

Across the North Shore-Barrington region, month-over-month housing market highlights included:

-          Barrington area – 135 detached single-family homes sold year-to-date, down 2.2 percent compared to 138 detached single-family homes sold by April 2013. The median year-to-date sale price in April 2014 was $497,000, up 2.2 percent compared to $486,475 a year ago.

-          Evanston – 88 detached single-family homes sold year-to-date, down 29.6 percent compared to 125 detached single-family homes sold by April 2013. The median year-to-date sale price in April 2014 was $442,200, down 4 percent compared to $461,000 a year ago.

-          Deerfield – 56 detached single-family homes sold year-to-date, down 8.2 percent compared to 61 detached single-family homes sold by April 2013. The median year-to-date sale price in April 2014 was $497,000, up 33 percent compared to $374,000 a year ago.

-          Golf-Glenview – 115 detached single-family homes sold year-to-date, down 12.2 percent compared to 131 detached single-family homes sold by April 2013. The median year-to-date sale price in April 2014 was $535,000, up 24.4 percent compared to $430,000 a year ago.

-          Lake Forest – 72 detached single-family homes sold year-to-date, down 13.3 percent compared to 83 detached single-family homes sold by April 2013. The median year-to-date sale price in April 2014 was $798,250, up 10 percent compared to $725,000 a year ago.

-          Northbrook – 90 detached single-family homes sold year-to-date, down 19 percent compared to 111 detached single-family homes sold by April 2013. The median year-to-date sale price in April 2014 was $472,500, up .5 percent compared to $470,000 a year ago.

Sales and price information is generated by NSBAR with Midwest Real Estate Data.

The North Shore-Barrington Association of REALTORS® (NSBAR) represents more than 3,300 practitioners in residential and commercial real estate. Since 1919 it has been the area’s leading advocate for private property rights and a healthy real estate environment. Visit NSBAR online at www.NSBAR.org.

*Based on Census Tract data, MRED defines the North Shore as including Bannockburn, Deerfield, Evanston, Glencoe, Glenview, Golf, Highland Park, Highwood, Kenilworth, Lake Bluff, Lake Forest, Lincolnshire, Lincolnwood, Mettawa, Morton Grove, Northbrook, Northfield, Prairie View, Riverwoods, Skokie, Wilmette and Winnetka.