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Real Estate Update from Allyson Hoffman

Demand Remains Strong in North Shore and Barrington Housing

 


 

 

Housing Prices Rise

Northbrook, IL – April 18, 2018 – Housing prices continue to rise as the first quarter closes and demand for homes remains strong, following last year’s trend.  Housing data for March shows the number of new listings and closed sales dipped slightly compared to the same period in 2017, as well as houses under contact.  The largest increase was in the average sales price, according to the North-Shore Barrington Association of REALTORS® (NSBAR).

NSBAR’S latest data shows new listings decreased 4.1 percent to 1,392, down from 1,457 a year ago. The number of closed sales decreased 6.7 percent to 490 for March 2018 compared to 525 in March 2017.  The number of homes under contract (contingent and pending) decreased 7.0 percent. The average sales price is up 5.0 percent in 2018 at $545,687 in homes going under contract in March compared to $519,663 for the same period last year.

The median sales price rose 0.2 percent in March, up to $541,250, compared to $540,000 during the same period in March 2017, and the average listing price decreased 5.7 percent with the percentage of the original list price increasing to 91.8 compared to 91.7 in March 2017.

The inventory of homes in the North Shore and Barrington area decreased by 14.5 percent in March, compared to a year ago, going from 3,490 to 3,047. The month’s supply for sale fell 9.6 percent from 5.5 months in March 2017 to 4.9 months last month.

The inventory of homes in the North Shore and Barrington area decreased by 8.6 percent in February, compared to a year ago, going from 3,462 to 3,163.  The months’ supply of homes for sale fell 9.6 percent from 5.5 months in February 2017 to 4.9 months last month.

Across the area region, year-to-date 2018 housing market highlights include:

- Year-to-date, Year-to-date, 743 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 March was slightly more than in March 2017.  The median sales price increased 4.0 percent on sales in the North Shore and Barrington areas.  Nearly all of the communities have either minor gains or losses in their median price compared to March 2017. 

-  Barrington area – 98 detached single-family homes sold year-to-date, down 21.0 percent compared to 124 detached single-family homes sold in March 2017.  The median sale price in March 2018 was $443,750, down 8.7 percent compared to $486,250 a year ago.

-  Deerfield – 49 detached single-family homes sold year-to-date, down 18.3 percent compared to 60 detached single-family homes sold in March 2017.  The median sales price in March 2018 was $500,000, down 12.3 percent compared to $570,000 a year ago.   

 -  Evanston – 67 detached single-family homes sold year-to-date, down 6.9 percent compared to 72 detached single-family homes sold in March 2017.  The median sale price in March 2018 was $529,000, up 22.3 percent compared to $432,500 a year ago.

-  Golf-Glenview – 98 detached single-family homes sold year-to-date, up 5.4 percent compared to 93 detached single-family homes sold in March 2017.  The median sale price in March 2018 was $568,500, up 11.2 percent compared to $505,000 a year ago.

-  Lake Forest – 53 detached single-family homes sold year-to-date, up 60.6 percent compared to 33 detached single-family homes sold in March 2017.  The median sale price in March 2018 was $850,000, up 4.7 percent compared to $810,000 a year ago.

-  Northbrook – 65 detached single-family homes sold year-to-date, down 15.6 percent compared to 77 detached single-family homes sold in March 2017.  The median sale price in March 2018 was $530,000, down 3.8 percent compared to $550,000 a year ago.

-  Skokie – 87 detached single-family homes sold year-to-date, up 4.8 percent compared to 83 detached single-family homes sold in March 2017.  The median sale price in March 2018 was $359,500, up 12.4 percent compared to $315,000 a year ago.

-  Winnetka – 37 detached single-family homes sold year-to-date, down 30.2 percent compared to 53 detached single-family homes sold in March 2017.  The median sale price in March 2018 was $1,300,000, up 15.4 percent compared to $1,100,000 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 3,700 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.

House Viewings: Are We Alone?

Most buyers shopping for a new home typically prefer the sellers of the home not be present when viewing the property. Looking at the property, sans sellers, allows buyers to feel more relaxed and not worried about their reactions and/or comments during their visit.

While sellers naturally understand that buyers prefer to visit homes without the seller present, some just aren’t completely comfortable having strangers in their home when they aren’t there. Agents will undoubtedly encourage sellers to not be home during showings or at a minimum, be truly unobtrusive.  Nonetheless, many sellers are reluctant to heed this request.

As a solution to this dilemma, some sellers have turned to security cameras to monitor the activity in their home when they aren’t present. Popularity has grown as video technology has become more user-friendly and less expensive. To provide some peace of mind and security when they aren’t there, an increasing number of sellers are utilizing systems to record everyone entering their home. Moreover, sellers can also review the footage to hear the conversations between buyers and agents.

What does this mean to buyers looking at homes? It’s best to presume that there is a recording device.  In fact, many Multiple Listing Services now include a disclaimer on every listing, such as:  “Many homes contain recording devices, and buyers should be aware that they may be recorded during a showing.” Because sellers may listen to your conversations and watch your reactions, whether security or unfiltered feedback is their primary concern, be aware of what you say and do. If you are interested in the home and present an offer, hearing your thoughts in advance could provide the seller an advantage during any negotiations.

Regardless of the reason that sellers might be watching and listening, don’t allow this possibility to put you at a disadvantage in a home that you like.  It’s always best to treat a home you tour the way you would want a buyer to treat yours and limit comments about the house to those that you would make if the seller was present.

For additional information regarding purchasing a home, 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.

Seller’s Benefits of a Pre-Listing Home Inspection

If you are planning to sell your home now or in the future, one thing you should strongly consider is doing a pre-listing home inspection. Issues revealed during a buyer’s home inspection are among the most common reasons for buyers to cancel their purchase contract. By assessing the current condition of your home prior to listing it, you will have the option to remedy issues discovered in advance of showing your home or, alternately, share them with potential buyers upfront so they are fully aware.

Follow these suggested steps to use a pre-listing inspection to your advantage. First get references and hire an experienced professional home inspector. Following your home inspection, carefully review the report and associated photos to determine which issues should be managed. Then contract with qualified repair contractors to correct the problems. When this process is handled as a pre-listing preparation project, you won’t be “under the gun” to make decisions with little time and forethought unlike the common situation that occurs during a contract inspection contingency period. When buyers have access to detailed reports including the associated annotated measures taken to correct problems, many confidently move forward with less stress or trepidation in the path to a success closing.

Therefore, once any necessary repairs are completed, you’ll be able to confidently list your home knowing that unexpected items are unlikely to surface during any future home inspection.  Be sure to share with buyers that your home was pre-inspected and provide a copy of the home inspection to interested parties with documentation of any repairs made in response to report. Moreover, don’t be surprised if your report and repair documents lead to a buyer waiving their home inspection entirely.

Should conditions surface that you choose not to repair, disclose these items to prospective buyers despite the possibility that this could deter them. Then use the realistic assessment of the property’s condition to your benefit by pricing your home appropriately to reflect its condition. Additionally, by providing this information to potential buyers, surprises will be minimized increasing the odds of a trouble-free contract phase without a buyer request for repair cost reimbursement or a price adjustment to compensate them for these issues.

Typically, home inspections are significant source of anxiety for many home sellers … but they don’t have to be. A pre-listing home inspection increases seller control of this aspect of the sale and neutralizes many issues that can cause contract failures. So consider a pre-listing home inspection to sell at top dollar with less stress and in a shorter period of time. For additional ideas regarding preparing your home for sale, the selling process or moving tips, please 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.

 

 

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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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