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Real Estate Update from Allyson Hoffman

Inconsistent Market Continues

 


 

 

Buyers Stay Home as Kids Head Back to School

Northbrook, IL – September 17, 2019 – August reversed last month’s gains as the number of sold units, average sale and median sale price all fell and the market time went down lowering excitement in the local markets.  Housing data for August 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 bewildering market.

NSBAR’S latest data shows new listings increased 5.8 percent to 1,209 down from 1,215 a year ago. The number of closed sales decreased 9.0 percent to 508 for August 2019 compared to 546 in August 2018.  The number of homes under contract (contingent and pending) increased 17.9 percent. The average sales price is down 4.6 percent in 2019 at $704,186 in homes sold in August compared to $738,400 for the same period last year.

The median sales price was down 0.1 percent in August, down to $575,000 compared to $580,000 during the same period in August 2018, and the average listing price decreased 4.9 percent with the percentage of the list price to sale price ratio increasing to 95.0 compared to 94.7 in August 2018.

The inventory of homes in the North Shore and Barrington area increased by 3.3 percent in August, compared to a year ago, going to 3,846 from 3,721. The month’s supply for sale is down 6.3 percent compared to 6.2 months in August 2018.

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

- Year-to-date, 440 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 August was less than in August 2018.  The median sales price decreased 1.6 percent on sales in the North Shore and Barrington areas.                                                                                         

-  Barrington area – 370 detached single-family homes sold year-to-date, down 1.1 percent compared to 374 detached single-family homes sold in August 2018.  The median sale price in August 2019 was $511,000, up 7.6 percent compared to $475,000 a year ago.

-  Deerfield – 242 detached single-family homes sold year-to-date, up 2.1 percent compared to 237 detached single-family homes sold in August 2018.  The median sales price in August 2019 was $535,000, up 0.9 percent compared to $530,000 a year ago.

 -  Evanston – 322 detached single-family homes sold year-to-date, down 2.1% as compared to 329 detached single-family homes sold in August 2018.  The median sale price in August 2019 was $527,000, down 5.7 percent compared to $559,000 a year ago.

-  Golf-Glenview – 356 detached single-family homes sold year-to-date, down 6.1 percent compared to 379 detached single-family homes sold in August 2018.  The median sale price in August 2019 was $578,500, up 1.5 percent compared to $570,000 a year ago.

-  Lake Forest – 190 detached single-family homes sold year-to-date, down 7.8%, compared to 206 detached single-family homes sold in August 2018.  The median sale price in August 2019 was $785,000, down 6.4% compared to $838,750 a year ago.

-  Northbrook – 311 detached single-family homes sold year-to-date, up 1.3 percent compared to 307 detached single-family homes sold in August 2018.  The median sale price in August 2019 was $586,000, up 1.0 percent compared to $580,000 a year ago.

-  Skokie – 319 detached single-family homes sold year-to-date, is up 0.3% compared to 318 detached single-family homes sold in August 2018.  The median sale price in August 2019 was $341,500, down 0.7 percent compared to $343,750 a year ago.

-  Winnetka – 177 detached single-family homes sold year-to-date, is down 3.8% compared to 184 detached single-family homes sold in August 2018.  The median sale price in August 2019 was $1,275,000 up 12.1 percent compared to $1,137,498 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.

Sell Your Home this Fall Season

While fall ushers in a somewhat slower sale season for real estate, it doesn’t mean you have to wait until next spring to sell your home. If you’re considering listing your home this autumn season, here are some strategies to consider for the right moves designed to increase the likelihood of a successful fall sale.

  • Decorate Your Lawn and Your Home

If you live where fall changes the landscape in a big way like Chicago’s North Shore, North and Northwest suburbs, your home’s curbside appeal will change from spring and summer’s full greenery. Trees will lose their leaves, the grass begins to go dormant and most flowers die out. To counteract these inevitable annual changes, try some special autumn landscape accents by planting fall-blooming flowers and greenery to enhance autumn colors. Decorate your entrance and front door for even more interest with fall décor and also consider freshly painting the door with a bold color to add intrigue and curb appeal.

  • Make Your Home Inviting and Cozy

When potential buyers visit your home, you’ll want them to feel warm and comfortable by eliminating any fall chill.  So make sure there is a fire in the fireplace if you have one, and when appropriate to draw people in, place an afghan or colorful blanket on the arm of a chair or the edge of the bed. Add in a few flowers or items with fall’s red, yellow or orange tones.

Be sure to open all of curtains, blinds and draperies to brighten the rooms. Turn on soft lights to counteract any dreary sky you may encounter as the days get shorter. Additionally, brighten up your living area with seasonally-appropriate decorations.

  • Work Double-time to Clean Your Home

While it’s important to make sure your home is clean any time of the year when selling, you’ll have a bigger job in autumn with fall rain and heavy storms that create more dirt, mud and leaves. Wash those windows, power-wash the siding and make sure everything shines and sparkles.

Also be sure to check the gutters, roofing, siding and window seals, which may be more noticeable as the weather changes. Caulk around windows, make roof repairs and clean out your gutters to give buyers a good first impression of your home.

Though selling in any season can be challenging, these simple steps and minimal extra effort can go a long way to ensure success in all seasons.  Contact me today for a consultation. I will be happy to answer any questions you may have, and/or help you determine the value of your home.

Image courtesy of Heather/Flickr.com

Choosing the Right Neighborhood

How do you research a neighborhood if you don’t live nearby or have friends in the area? Thanks to the Internet, it’s much easier today than in the past when word-of- mouth was nearly the only option short of a trip to the area.

Finding the perfect home goes beyond just bedrooms, baths, walk-in closets and a formal dining room -- the neighborhood is equally, if not more important than all of those tangible requirements. Consider these tips to help with the selection process:

  • Using Google or your preferred search engine, type in the name of the town, subdivision or neighborhood for an online search. Instantly, you’ll likely see a list of homes for sale, historical information and, potentially, area reviews.  There may even be neighborhood online forums that shed light on the folks and families living there as well  what goes on in that locale. These informal groups and the commentary are one good way to get a “feel” for any area.
  • Consider checking out social media online postings for neighborhood groups that can provide a real “flavor” of the area and truly offer a wealth of local resource information.
  • Though it is normal and preferable to keep an arm’s-length relationship with the sellers of a home especially during the negotiating process, asking the sellers about the neighborhood is something to consider.  The majority of the time, asking about commute times, good restaurants, park district facilities or the schools is safe ground for discussion and sellers typically will be happy to provide answers to those questions. 
  • When buying a house in an unfamiliar neighborhood, consider talking to the neighbors after you view the house. People generally love to talk about their neighborhood, and you will likely get an honest, unbiased opinion of the neighborhood from those who live there and are not trying to sell anything.  

Where you live is as important as what you live in, so be sure to do your due diligence when selecting your new neighborhood. It costs nothing and will help to ensure that you enjoy your home and the area for many years to come.

Information regarding schools, zoning or community services should be readily available online. I can point you in the right direction. So 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.

Photo courtesy BradyP/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:

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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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