Real Estate Market

Featured Listing

Featured Listing

For Sale: $365,000

More Information

Real Estate Update from Allyson Hoffman

North Shore and Barrington Area Housing Markets Static

 


 

 

New Year Sees Continued Low inventory and Higher Prices

Northbrook, IL – February 16, 2018 – Low inventory and higher prices continue to be the new reality with no sign of abating.  After several years of remaining this way, despite a steady economy, home buyers are showing more caution as sellers are reaping the rewards of a housing shortage.  Housing data for January in the North Shore and Barrington areas shows the median sales price and average listing price rose, while the number of closed sales and houses under contract declined compared to the same period in 2017, according to the North Shore-Barrington Association of REALTORS® (NSBAR).  

 NSBAR’S latest data shows new listings were flat at 1,079, the same as a year ago. The number of closed sales decreased 4.2 percent to 386 for January 2018 compared to 403 in January 2017.  The number of homes under contract (contingent and pending) fell 9.3 percent with 460 homes going under contract in January compared to 507 for the same period last year. The largest increase, however, was in the average sales price, which rose 17.6 percent to $621,224 from $528,320 in January 2017.

“The recent heavy snowfall put the brakes on what had been a very strong start for our market areas and now that the snow is melting it is picking up again.  Buyer traffic in the low and mid-range price points has been much heavier than in the recent past and inventory levels are not close to matching the demand.” said Ian Robinson, president of NSBAR. “The greatest barrier to a strong Spring market right now is the lack of inventory in the low and middle price ranges.  Indications point to Spring 2018 being the best time to be a home seller in our area in many years.”

The median sales price rose 4.9 percent in January, up to $425,000, compared to $405,000 during the same period in January 2017, and the average listing price rose to 2.7 percent with the percentage of the original list price slightly decreasing to 91.6 percent from 92.2 in January 2017.

The inventory of homes in the North Shore and Barrington area decreased by 11.4 percent in January, compared to a year ago, going from 3,135 to 2,779.  The months’ supply of homes for sale fell from 5.0 months in January 2017 to 4.3 months last month. 

Across the area region, year-to-date 2017 housing market highlights include:

- Year-to-date, 262 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 January was nearly double than those reporting a decrease, compared to January 2017.  The median sales price increased in nearly twice as many communities.  Communities reporting an increase (or no change) in the number of sales compared to January 2017 include Deerfield, Evanston, Glencoe, Golf-Glenview, Highwood, Kenilworth, Lake Bluff, Lake Forest, Lincolnshire, Mettawa, Northbrook, Northfield, Prairie View, and Wilmette.           

-  Barrington area – 35 detached single-family homes sold year-to-date, down 28.6 percent compared to 49 detached single-family homes sold in January 2017.  The median sale price in January 2018 was $420,000, down 18.4 percent compared to $515,000 a year ago.

-  Deerfield – 19 detached single-family homes sold year-to-date, up 5.6 percent compared to 18 detached single-family homes sold in January 2017.  The median sales price in January 2018 was $605,000, down 7.4 percent compared to $653,000 a year ago. 

 -  Evanston – 25 detached single-family homes sold year-to-date, up 4.2 percent compared to 24 detached single-family homes sold in January 2017.  The median sale price in January 2018 was $451,000, up 6.7 percent compared to $422,500 a year ago.

-  Golf-Glenview – 31 detached single-family homes sold year-to-date, up 24.0 percent compared to 25 detached single-family homes sold in January 2017.  The median sale price in January 2018 was $642,500, up 5.3 percent compared to $610,000 a year ago.

-  Lake Forest – 14 detached single-family homes sold year-to-date, up 55.6 percent compared to 9 detached single-family homes sold in January 2017.  The median sale price in January 2018 was $1,228,750, up 80.7 percent compared to $680,000 a year ago.

-  Northbrook – 18 detached single-family homes sold year-to-date, flat at 0.0 percent compared to 18 detached single-family homes sold in January 2017.  The median sale price in January 2018 was $520,000, down 1.9 percent compared to $530,000 a year ago.

-  Skokie – 25 detached single-family homes sold year-to-date, down 16.7 percent compared to 30 detached single-family homes sold in January 2017.  The median sale price in January 2018 was $360,000, up 21.4 percent compared to $296,500 a year ago.

-  Winnetka – 15 detached single-family homes sold year-to-date, down 11.8 percent compared to 17 detached single-family homes sold in January 2017.  The median sale price in January 2018 was $1,175,000, up 0.3 percent compared to $1,172,000 a year ago.

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

###

The North Shore-Barrington Association of REALTORS® (NSBAR) represents more than 3,700 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.

Tips for Choosing a General Contractor

It’s the time of year when homeowners start thinking about remodeling or updating part of their home, either for their own use or to sell. While minor jobs may be weekend DIY projects, major renovations require a general contractor. To ensure you receive quality work within your budget completed in a reasonable timeframe, you’ll want to carefully consider who you hire. Here are three tips to help you make the right choice.

1. Get References and Follow Up

Many contractors assume that you won’t actually check references.  Unfortunately, they are often correct. It’s prudent to always follow up on any references provided and ask specific questions about the work done as well as the timely completion of the job.

2. Check Qualifications

Make sure your contractor, and any needed sub-contractors, are certified and licensed to fulfill any state and/or local requirements. Find out what type of projects they have completed to reveal their area(s) of expertise and then select a contractor whose skill matches the scope of your project.

3. Conduct an Interview

Narrow your potential candidates to two or three contractors and set up a meeting to discuss your project, and obtain information about timelines, budgets and subcontractors. Find out how they plan to manage the project and how long it will take them to complete the work. If you will be living in the home during the renovations, definitely address this up front to assess how they will work with you during this time.

Take the time to find the best fit for your job. Keep in mind that hiring a contractor is a major decision and the first important one for any remodeling project. For additional information, reliable recommendations to trusted affiliates or to arrange a meeting to discuss your needs, please contact me today for a consultation. I will be happy to answer any questions you may have about the home buying or selling process, help you to find a new home or determine the value of your existing property.

Image courtesy paulbr/pixabay.com

Home Care Tips for February

In anticipation of spring, now is a good time to tackle a few essential home care tasks to keep your property safe. Before busy spring activities crop up and impact available time, it is advisable put these on your calendar. None of them should take very long to complete.

  • Check your thermostat – Clean the heat sensor, all contact points, and check for accuracy. If the thermostat isn’t working correctly heating costs can escalate. So have it replaced if it doesn’t maintain an accurate temperature.  
  • Test smoke detectors – Replace batteries, if needed. Remember that many hard-wired detectors still require batteries to work correctly. So check them even if the unit is wired into your home.
  • Find all gas shut-off valves – If you’ve recently moved, or you just never looked before, locate the shut-off valves for all gas appliances and your furnace. If there is a gas leak, you’ll potentially need to access these quickly in case of a gas leak. Other family members should also know where these are situated.
  • Clean out the dryer vent duct – The second largest cause of house fires includes dryer vent ducts clogged with lint. Also, regularly clean the filter to prevent lint buildup.
  • Clean refrigerator coils – These coils are located at the back of the appliance. This task will help the refrigerator to work more efficiently. Dust and dirt will accumulate on coils over time, especially if access prevents regular cleaning.
  • Replace furnace filters – Either clean your filters or replace them. A clean filter ensures your furnace works more efficiently and lasts longer.
  • Check fire extinguishers – Either refill the extinguisher or replace it if it isn’t full. If you don’t have a fire extinguisher, buy one. It’s important to have one in the kitchen and any other area where there is an increased risk for fire.

Take a few minutes and complete these tasks to keep your home working more efficiently and ensure it’s a safe place for you and your family. For additional information on how care and maintenance of your home affects its value, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, help you to find your dream home or determine the value of your existing property.

Image courtesy Hans/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

Thanks for reading my newsletter, and please feel free to forward this email in it's entirety to anyone you feel would benefit from it.

Click here to UNSUBSCRIBE. You will be removed automatically and immediately. Please also ignore this newsletter if your home is listed with another broker. It's not our intent to solicit other broker's listings.

Contact Information

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

Listing Alerts

Be the first to know what's coming up for sale in the Chicago Illinois real estate market with our New Property Listing Alerts!

Just tell us what you're looking for and we'll email a daily update of all homes listed for sale since your last update. You can unsubscribe at any time.

Get Notifications

Quick Search

Contact Us

There are several ways to reach me. Call me at the number below for the quickest response or click the Contact us Online button. Thank you.

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

(847) 310-5300
Allyson@Allyson.com

Contact Us Online