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Real Estate Update from Allyson Hoffman

Steady Year for North Shore and Barrington Area Housing Market

 


 

 

Optimism for 2017

Northbrook, Illinois – January 25, 2017 - Figures from the final month of 2016 confirmed predictions for most of the last year: continued low inventory along with higher competition for fewer properties in the North Shore-Barrington housing market.  While sales and prices were up in most local markets, the number of days homes were on the market and months of supply were down, according to the North Shore-Barrington Association of REALTORS® (NSBAR). 

NSBAR’S latest data shows new listings decreased 1.2 percent to 414, down from 419 a year ago. The number of closed sales slightly decreased 0.2 percent to 519 for December 2016 compared to 520 in December 2015. However, the number of homes under contract (contingent and pending) – which represents the largest increase in this month’s data report – is up 12.2 percent with 395 homes going under contract in December compared to 352 for the same period last year.

“The challenge of the North Shore and Barrington areas continues to be low inventory,” said Carrie Healy, president of NSBAR. “The fact that it’s a very competitive market for homes, shows that people want to live here and are willing to make the investment. Our REALTORS® are busy and optimistic about 2017.”

The median sales price rose 1.3 percent in December, up to $405,000, compared to $400,000 during the same period in December 2015, but the average listing price decreased 10.0 percent with the percentage of the original list price at 90.8 percent compared to 91.6 in December 2015.

The inventory of homes in the North Shore and Barrington area decreased by 4.1 percent in December, compared to a year ago, going from 3,041 to 2,917.  The months’ supply of homes for sale fell from 4.9 months in December 2015 to 4.6 months last month.

Across the area region, year-to-date 2016 housing market highlights include:

- Year-to-date, 4,517 detached single-family homes sold in the North Shore-Barrington market.  The number of communities in the region reporting an increase in the number of home sales for December was nearly double those reporting a decrease, compared to December 2015.  The median sales price increased in more than half of the communities.  Communities reporting an increase (or no change) in the number of sales compared to December 2015 include Deerfield, Glencoe, Golf-Glenview, Highland Park, Highwood, Kenilworth, Lake Forest, Northbrook, Prairie View, Skokie, Wilmette and Winnetka.   

-  Barrington area – 584 detached single-family homes sold year-to-date, down 1.8 percent compared to 595 detached single-family homes sold in December 2015.  The median sale price in December 2016 was $499,000, flat compared to $500,000 a year ago.

- Deerfield – 298 detached single-family homes sold year-to-date, up 9.6 percent compared to 272 detached single-family homes sold in December 2015.  The median sales price in December 2016 was $462,000, down 11.1 percent compared to $520,000 a year ago.

-  Evanston – 489 detached single-family homes sold year-to-date, down 0.2 percent compared to 490 detached single-family homes sold in December 2015.  The median sale price in December 2016 was $562,500, up 11.4 percent compared to $504,500 a year ago.

-  Golf-Glenview – 560 detached single-family homes sold year-to-date, up 11.6 percent compared to 502 detached single-family homes sold in December 2015.  The median sale price in December 2016 was $710,000, up 29.1 percent compared to $550,000 a year ago.

-  Lake Forest – 277 detached single-family homes sold year-to-date, up 14.9 percent compared to 241 detached single-family homes sold in December 2015.  The median sale price in December 2016 was $737,500, down 11.7 percent compared to $835,000 a year ago.

-  Northbrook – 450 detached single-family homes sold year-to-date, up 1.6 percent compared to 443 detached single-family homes sold in December 2015.  The median sale price in December 2016 was $525,000, down 2.8 percent compared to $540,000 a year ago.

-  Skokie – 523 detached single-family homes sold year-to-date, up 6.5 percent compared to 490 detached single-family homes sold in December 2015.  The median sale price in December 2016 was $315,000, up 12.5 percent compared to $280,000 a year ago.

-  Winnetka – 242 detached single-family homes sold year-to-date, up 14.7 percent compared to 211 detached single-family homes sold in December 2015.  The median sale price in December 2016 was $1,481,500, up 23.5 percent compared to $1,200,000 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 3,600 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 allyson@allyson.com 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.

Get Your Home Ready to Sell This Spring

Now that the holidays are over, it’s time to look forward to spring. For many, that will include putting their home on the market. Even though it’s early in 2017, now is the time to prepare to sell your home.  Here are some tips to help:

1. Find an Agent

It’s never too early to interview real estate agents who can help you to sell your home. Even if you aren’t quite ready to make contact, you can do research in advance. Try visiting your local agent’s website or follow them on Facebook or Twitter. Read their posts and view their current listings. This is a great starting point in getting to know potential agents.

2. Inspect Your Home

Consider having a professional inspector look at your home to reveal any repairs needing attention. If you do this now, not only do you have time to complete these tasks before listing, but this will also minimize the likelihood of inspection concerns being raised by a future buyer and provide improvements or replacements that can be highlighted in your listing.

3. Clean and Declutter

Now is the time to thin out your unnecessary possessions. The more boxes purged and closets organized the less unavoidable work you’ll need to do later. While this will make your move much easier, you’ll also ensure that your home looks as large and spacious as possible. To determine the best areas on which to focus, walk through your home with a critical eye and consult with your real estate agent for recommendations.

4. Paint

Even if you have a limited budget for repairs and updates, paint (which is generally affordable) provides one the largest returns for your money and effort. New paint brightens the room and makes the home feel like new. It’s one of the easiest ways to help your home sell faster. Neutral colors provide buyers with a blank canvas that helps them envision themselves in the home.

Tackling these four tasks will give you a jump start on selling your home this spring and provide some relief, knowing that you are in front of the pack as you list your current home and prepare for a move to your next one. For additional ideas on preparing your home for sale and helpful moving tips, feel free to 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 pozytywnewnetrza/Pixabay.com

3 Tips for Decluttering Your Home

One of the first things your real estate agent might suggest when selling your home is to declutter the space. Unless you live a minimalistic lifestyle, you probably have more possessions than you need. The following three tips should help you organize your home to ensure it is ready for potential buyers to view.

1. Organize Closets

If you have many belongings, and the only place to store them out of sight is in the closet, consider installing shelves, hooks, racks and other organizers to maximize the use of space. Because an average closet contains a lot of wasted space, the better the space is utilized with the right storage accessories, the more appealing it will be to prospective buyers.

2. Buy Multipurpose Furniture

This tip is good for when you are buying new pieces to add to your home. Look for items that have multiple uses such as ottomans or bench seats with storage underneath. Instead of buying a table for your kitchen, consider an island with cabinets or drawers for storage. While this tip is especially helpful for people who live in small homes, extra storage space is useful even in a larger home.

3. Keep Only What You Use

Tour your house to locate items that have been stored or placed on a shelf, but not used. For instance, in the kitchen you may have small infrequently-used appliances exhausting valuable counter space. In the bedroom, closets can be filled with clothing you never wear. Take an inventory of items in your home, and if you never use them, consider selling or donating them.

These three tips can make your life easier and your home more orderly whether you are moving or staying. The objective is to retain only what you use, organize everything and choose items that serve more than one purpose.  If you have this mindset, you will maximize the way your home will show when it comes time to sell and minimize the work when it comes time to move. For additional information regarding the selling process, please contact me today for additional information. I will be happy to answer any questions you may have, and/or help you determine the value of your home.

Image courtesy Rubbermaid Products/Flickr.com

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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
Allyson@Allyson.com

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