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For Sale: $1,750,000

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Real Estate Update from Allyson Hoffman

May Showers Bring More Listings and Contracts As We Head Toward Summer

 


 

 

Wet Weather Brings Out More Buyers

Northbrook, IL – June 14, 2019 – The average sale price slipped halfway through the second quarter breaking last month’s trend.  Housing data for May shows the number of new listings increased compared to the same period in 2018.  New listings and homes under contract continue to rise for single-family home sales according to the North-Shore Barrington Association of REALTORS® (NSBAR) in a confusing market.

NSBAR’S latest data shows new listings increased 1.3 percent to 1,173 up from 1,154 a year ago. The number of closed sales decreased 3.4 percent to 473 for May 2019 compared to 490 in May 2018.  The number of homes under contract (contingent and pending) increased 16.3 percent. The average sales price is down 4.9 percent in 2018 at $650,525 in homes sold in May compared to $684,270 for the same period last year.

The median sales price was down 4.2 percent in May, down to $554,750 compared to $575,000 during the same period in May 2018, and the average listing price decreased 10.3 percent with the percentage of the original list price to sale price ratio increasing to 96.2 compared to 96.0 in May 2018.

The inventory of homes in the North Shore and Barrington area increased by 5.1 percent in May, compared to a year ago, going from 4,289 to 4,124. The month’s supply for sale is the up 5.2 percent compared to 6.2 months in May 2018.

Across the area region, year-to-date 2019 housing market highlights include:

- Year-to-date, 1,575 detached single-family homes sold in the North Shore-Barrington market.  The number of communities in the region reporting an increase in home sales for May was more than in May 2018.  The median sales price decreased 0.3 percent on sales in the North Shore and Barrington areas.            

-  Barrington area – 205 detached single-family homes sold year-to-date, up 8.3 percent compared to 208 detached single-family homes sold in May 2018.  The median sale price in May 2019 was $499,000, up11.1 percent compared to $450,000 a year ago.

-  Deerfield – 124 detached single-family homes sold year-to-date, down 6.8 percent compared to 133 detached single-family homes sold in May 2018.  The median sales price in May 2019 was $528,000, down 3.9 percent compared to $550,000 a year ago.

 -  Evanston – 166 detached single-family homes sold year-to-date, up 1.8% as compared to 163 detached single-family homes sold in May 2018.  The median sale price in May 2019 was $465,000, down 12.3 percent compared to $530,000 a year ago.

-  Golf-Glenview – 183 detached single-family homes sold year-to-date, down 11.6 percent compared to 207 detached single-family homes sold in May 2018.  The median sale price in May 2019 was $525,000, down 7.4 percent compared to $567,000 a year ago.

-  Lake Forest – 99 detached single-family homes sold year-to-date, up 7.5%, compared to 93 detached single-family homes sold in May 2018.  The median sale price in May 2019 was $775,000, down 9.4% compared to $855,000 a year ago.

-  Northbrook – 150 detached single-family homes sold year-to-date, down 2.0 percent compared to 153 detached single-family homes sold in May 2018.  The median sale price in May 2019 was $612,500, up 28.0 percent compared to $478,500 a year ago.

-  Skokie – 171 detached single-family homes sold year-to-date, is the same compared to 171 detached single-family homes sold in May 2018.  The median sale price in May 2019 was $340,000, down 2.9 percent compared to $350,000 a year ago.

-  Winnetka – 84 detached single-family homes sold year-to-date, is the same compared to 84 detached single-family homes sold in May 2018.  The median sale price in May 2019 was $1,282,500 up 4.5 percent compared to $1,227,500 a year ago.

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

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The North Shore-Barrington Association of REALTORS® (NSBAR) represents more than 3,800 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.

 

Please note that the numbers noted in the aforementioned links to Lake and Cook County Market Reports apply to all properties of all types and sizes throughout Cook and Lake Counties and that numbers may change when looking at a specific town, neighborhood, property type or even the type of sale.  Should you desire an overview designed for your home or area or even a home in an area you are considering, this information is available.  If I can assist you with information to help you to determine if now is the time for you to consider buying a new home or selling your current residence in Chicago’s North Shore, North or Northwest suburban areas, please let me know and I would be delighted to arrange a time to review your situation and recommend a plan tailored to your personal circumstances.

Additionally, if you are considering buying or selling or, alternately, if you are just interested in the property value of your home or a home that interests you, please feel free to send an email request to me at [email protected] and I will gladly arrange to meet with you and/or set up a personalized webpage with data generated for your home, any home that interests you or for a personalized new home search profile that matches your unique criteria.

 

Click here to see what others have to say about how Allyson was able to help her clients achieve their real estate goals.

Simplify Your Move With These Easy Tips

Moving can be a straightforward process with an action plan to help you manage your belongings and your time. Here are some ways to organize when preparing for your move.

  • Start early and pack the things you want to keep but don't often use. You’ll control the process by packing these items in advance and storing them in a spare room, basement or garage. Try to pack at least one box every day. 
  • Utilize free resources to limit the expense of buying boxes, wrapping paper and bubble wrap. Local stores often give boxes away, people share them on Craigslist, and for the environmentally conscious, www.Freecycle.org  is worth checking out. 
  • Make labeling quick and easy.  Consider buying tape with different colors, or use multi-colored Post-It Notes to color code boxes on the fly. This makes it easier to match boxes with rooms. 
  • Use a spiral notebook and number the pages.  Number your packed boxes as you pack them and note the contents of each box on the page with the corresponding number.  It will make your unpacking process incredibly simple and help you to easily locate the things you most need when you reach your new home. 
  • Plan a garage sale or prepare items for donation to a worthy charity. The less you have to pack, the less you have to move to your new home

While moving is never truly easy, these simple steps will make the transition for you and your entire family significantly less stressful.  Also remember to forward your mail and notify your contacts of your new address! Feel free to contact me today for a consultation. I will be happy to answer any questions you may have about the moving process and buying or selling a home.

Photo courtesy Flickr.com/trosen

Dispel the Mystery of Home Buying Myths

Don’t believe everything you hear about buying a home. Common myths can cause confusion.  To diffuse those misperceptions about real estate, here are some top myths, and the real story behind them.

Buy a Fixer-Upper in a Desirable Neighborhood

It is often thought that buying the worst house in a great neighborhood is a good idea, because you can fix a house … but you can't fix the surrounding company so choose carefully if you proceed.  The do-it-yourself channels may explain exactly how to make repairs, but unless you are fully capable of doing them, begin with caution.  You could ultimately pay more to fix the home than initially anticipated forcing you to potentially live in a home without the means to improve it. So make sure you're ready for a fixer-upper if this is your chosen route to homeownership.

Established Communities are the Best Choice

Though choosing a home in a well-established community is often a priority, it could also be beneficial to consider neighborhoods that haven't yet reached their full potential. You may be able to more easily assimilate into those communities and possibly get a better deal or a better value. Certainly areas with low crime rates, highly-respected schools and convenient locations are desirable, but it is frequently worth the effort to identify hidden neighborhood gems that are equally good, without the high price.

Buying is Always Better than Renting

Though the cost of renting continues to rise, buying may not always be the better option.  While it’s true that renters are investing in someone else's property, depending on location, renting can actually be a better choice. In certain truly expensive locations such as Los Angeles or New York, for example, buying a home could cost many times more per month than renting the same one.

Ultimately, each person should determine which option best fits their needs. Regardless, always be sure to carefully research your chosen area before plunking down that first payment!  For additional information, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, and/or help you find your dream home.

Image courtesy of barryhardman/Pixabay.com

 

 

 

 

The Northern Suburbs of Chicago Blog discusses new items of interest regularly. Topics range from those related to real estate and community highlights to local events of interest or anything personal or business related that might be perceived as worthwhile information for public knowledge, discussion and/or use. Feel free to subscribe and receive textual updates on your iPhone, iPod and/or iPad! You can always check out the latest updates for the Northern Chicago Suburbs at:

http://www.realestatenorthernillinois.com/blog.asp

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Photo of Allyson Hoffman Real Estate
Allyson Hoffman
RE/MAX Villager
1245 Waukegan Road
Glenview IL 60025
847-310-5300
Fax: 847-400-0881

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Allyson Hoffman
RE/MAX Villager
1245 Waukegan Road
Glenview, IL, 60025

(847) 310-5300
[email protected]

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