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Real Estate Update from Allyson Hoffman

North Shore and Barrington Area Housing Market in Fall Mode

 


 

 

School Bells Signal Fewer Houses for Sale

Northbrook, IL – September 22, 2017 – Children heading back to school traditionally mark the start of fewer houses going on the market in fall as families settle in for the academic year.  This increases the competition for new and available listings going into the final quarter of 2017 for the North Shore-Barrington housing market.  Housing data for August shows median sales prices rose, while closed sales fell from the same period in 2016. The largest increase was in houses under contract, which rose substantially, according to the North Shore-Barrington Association of REALTORS® (NSBAR). 

NSBAR’S latest data shows new listings decreased 0.3 percent to 1,188, down from 1,192 a year ago. The number of closed sales decreased 7.4 percent to 819 for August 2017 compared to 884 in August 2016. However, the number of homes under contract (contingent and pending) – which represents the largest increase in this month’s data report – is up 11.2 percent with 644 homes going under contract in August compared to 579 for the same period last year.

“Now that we are heading into the fall season and school is back in session most people think that the real estate market shuts down. That is absolutely not the case,” said Ian Robinson, new president of NSBAR. “There will be many homes still sold this year and we have a great inventory of homes to choose from; especially for move up buyers. The interest rates remain at incredibly low historic levels so anyone thinking of moving should jump before the rates bump up from the recent FED action.  The North Shore and Barrington crescent offers great places to live, convenient transportation, wonderful community amenities, and a wide variety of housing options.  Houses are bought and sold in our area every day of every season and our association’s REALTORS® are dedicated to helping consumers find the right one for their individual needs.”

The median sales price rose 2.8 percent in August, up to $437,000, compared to $425,000 during the same period in August 2016, and the average list price increased to 6.3 percent with the percentage of the original list price increasing to 0.5 percent to 93.7 percent compared to 93.3 in August 2016.

The inventory of homes in the North Shore and Barrington area slightly decreased by 8.0 percent in August, compared to a year ago, going from 4,261 to 3,919.  The months’ supply of homes for sale fell from 6.8 months in August 2016 to 6.0 months last month. 

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

- Year-to-date3,856 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 August was nearly triple those reporting a decrease, compared to August 2016.  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 August 2016 include Barrington, Deerfield, Evanston, Golf-Glenview, Highwood, Kenilworth, Lake Bluff, Lake Forest, Morton Grove, Northbrook, Lincolnshire, Prairie View, and Skokie.    

-  Barrington area – 477 detached single-family homes sold year-to-date, up 13.8 percent compared to 419 detached single-family homes sold in August 2016.  The median sale price in August 2017 was $525,000, up 8.2 percent compared to $485,000 a year ago.

-  Deerfield – 218 detached single-family homes sold year-to-date, up 0.5 percent compared to 217 detached single-family homes sold in August 2016.  The median sales price in August 2017 was $582,500, up 8.9 percent compared to $535,000 a year ago. 

-  Evanston – 334 detached single-family homes sold year-to-date, down 6.4 percent compared to 357 detached single-family homes sold in August 2016.  The median sale price in August 2017 was $550,000, up 3.8 percent compared to $530,000 a year ago.

-  Golf-Glenview – 423 detached single-family homes sold year-to-date, up 9.0 percent compared to 388 detached single-family homes sold in August 2016.  The median sale price in August 2017 was $560,000, up 5.9 percent compared to $528,750 a year ago.

-  Lake Forest – 199 detached single-family homes sold year-to-date, up 9.3 percent compared to 182 detached single-family homes sold in August 2016.  The median sale price in August 2017 was $849,000, up 5.3 percent compared to $806,250 a year ago.

-  Northbrook – 346 detached single-family homes sold year-to-date, up 7.8 percent compared to 321 detached single-family homes sold in August 2016.  The median sale price in August 2017 was $554,000, up 1.7 percent compared to $545,000 a year ago.

-  Skokie – 325 detached single-family homes sold year-to-date, down 12.4 percent compared to 371 detached single-family homes sold in August 2016.  The median sale price in August 2017 was $325,000, up 1.6 percent compared to $320,000 a year ago.

-  Winnetka – 201 detached single-family homes sold year-to-date, up 12.3 percent compared to 179 detached single-family homes sold in August 2016.  The median sale price in August 2017 was $1,150,000, down 6.1 percent compared to $1,225,050 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.

Fall Reminders to Ready Your Home for Cooler Temps

Erratic weather this late summer with soaring temperatures in early fall should not deter you from preparing your home for the inevitable change in conditions ahead.  So here are a few things to do around the house to ensure your home is ready for the coming months.
 
Clean Out the Gutters
Leaves may have started to change colors and fall so keep a check on your gutters and clean them out as needed. When clogged with leaves, the water fails to properly drain causing problems over time. This may be something you can tackle yourself if your roof is safely accessible.  If not, call a roofer, a landscaper or a handyman to help you with this task.
 
Service your HVAC system
In anticipation of firing up the furnace, now is the time to have its annual service call. Don’t be caught off guard when cool days arrive and you’ll want the heat. It’s best to find out now if anything needs repair or replacement. To extend your system’s potential lifespan and increase the overall efficiency, be sure to also change your furnace filter monthly.  Start today if you can’t recall the last time the filters were changed and then mark it on your calendar with a monthly reminder going forward.
 
Redirect Your Ceiling Fans
In the cooler months, the ceiling fans should rotate clockwise to push down and circulate the warm air that naturally rises to the ceiling.
 
Fireplace Maintenance
Do you have a fireplace in your home? Before you fire it up on a chilly night, have it pre-inspected to make sure everything is working correctly. Whether it is gas or wood burning, it can cause big problems if it isn’t properly functioning. So consider having it checked and cleaned before using it this fall.
 
These quick and easy tasks will help you protect your home and precious investment.  Feel free to contact me if you’d like a recommendation to home maintenance professionals now or in the future. Additionally, I’d be happy to offer you suggestions personally tailored to help you maximize the value of your home.


Image courtesy of ScottWebb/pexels.com

Displaying Art in Your Home

Whether you purchase a piece of art work by a well-known or an up-and-coming artist, you’ll undoubtedly want to display it in a prominent place. You may even be an art aficionado who loves to collect all kinds of beautiful and thought-provoking artwork -- meant to be exhibited. To create an appealing and interesting focal point, here are a few helpful tips. These guidelines will be especially constructive when staging to sell your home.

Group Pieces Together

If your art work is small to medium in size, you can group several pieces together. Rather than simply displaying the items, try incorporating mirrors, shelves or other decorative wall décor. For a stylish result, use a common theme to tie in all of the pieces. It could be the same color frame or the same type of image such as outdoor images or pictures of the beach.

Make One Piece the Focal Point

If you have a large picture, display it alone. Allow it to be the focal point on the wall. Consider adding accent lighting to highlight a rare or special piece and don’t create distractions by including other artwork along the same wall. Moreover, additional pieces in the same room should be much smaller so they don’t compete with your primary piece of work.

Display Art on Shelves

Some collectors prefer to not put holes in their walls or are renting with restrictions on hanging pictures. If this is your situation, try displaying your artwork on a mantel or a shelf to add a modern touch to the space.

Try Different Groupings

While many experts suggest grouping items in sets of three or five, there are no hard and fast rules. So feel free to try something different when displaying multiple pieces of art together. Be creative with different patterns where items can be angled or positioned in a straight line.

Art enhances any space, and can be displayed in many ways. So, don’t be afraid to experiment to find the design that works best for your room and personal taste. It can add a special touch of warmth and interest to your home that can make a critical difference when you are thinking of selling or seal the deal when you visit a home you might like to buy.  For additional information regarding the buying or selling process, 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  or a home you are thinking about purchasing.

Image courtesy midascode/pixabay.com

 

 

 

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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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