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Real Estate Update from Allyson Hoffman

Housing Prices Rise in North Shore and Barrington Area

 


 

 

Demand Remains Strong

Northbrook, IL – March 27, 2017 – Housing prices continue to rise in the first quarter as demand for houses remained strong. However, low inventory and lack of affordable houses for first time buyers has been hard on this segment of the population.  Housing data for February shows the number of new listings and closed sales rose compared to the same period in 2016, while houses under contact continued to rise. The largest increase was in the average sales price, which rose substantially, according to the North-Shore Barrington Association of REALTORS® (NSBAR).

NSBAR’S latest data shows new listings increased 1.6 percent to 1,412, up from 1,390 a year ago. The number of closed sales increased 2.1 percent to 347 for February 2017 compared to 340 in February  2016.  The number of homes under contract (contingent and pending) rose to 10.1 percent. The average sales price – which represents the largest increase in this month’s data report – is up 14.2 percent in 2017 at $494,239 in homes going under contract in February compared to $432,639 for the same period last year.

“We’re optimistic about growth in the 2017 housing market in The North Shore and Barrington areas,” said Carrie Healy, president of NSBAR. “Sellers are getting increasing numbers of offers and the average sales price is growing. A number of areas that had a slow start last year are seeing more homes for sale now.”

The median sales price rose 7.8 percent in February, up to $379,000, compared to $351,500 during the same period in February 2016, and the average listing price increased 1.9 percent with the percentage of the original list price increasing to $784,101 compared to $769,271 in February 2016.

The inventory of homes in the North Shore and Barrington area slightly decreased by 3.8 percent in February, compared to a year ago, going from 3,490 to 3,356.  The months’ supply of homes for sale fell 5.8 percent from 5.6 months in February 2016 to 5.2 months last month.

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

- Year-to-date, 507 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 February was nearly double those reporting a decrease, compared to February 2016.  The median sales price was evenly split between homes with an increase and homes with a decrease.  Communities reporting an increase (or no change) in the number of sales compared to February 2016 include Barrington, Deerfield, Glencoe, Golf-Glenview, Highland Park, Kenilworth, Lake Bluff, Lincolnshire, Lincolnwood, Northbrook, Northfield, Prairie View and Winnetka.                                              

-  Barrington area – 78 detached single-family homes sold year-to-date, up 34.5 percent compared to 58 detached single-family homes sold in February 2016.  The median sale price in February 2017 was $489,000, up 4.0 percent compared to $470,000 a year ago.

- Deerfield – 37 detached single-family homes sold year-to-date, up 68.2 percent compared to 22 detached single-family homes sold in February 2016.  The median sales price in February 2017 was $605,000, down 5.1 percent compared to $637,000 a year ago.

-  Evanston – 37 detached single-family homes sold year-to-date, down 5.1 percent compared to 39 detached single-family homes sold in February 2016.  The median sale price in February 2017 was $400,000, down 3.6 percent compared to $415,000 a year ago.

-  Golf-Glenview – 54 detached single-family homes sold year-to-date, up 8.0 percent compared to 50 detached single-family homes sold in February 2016.  The median sale price in February 2017 was $507,500, up 7.4 percent compared to $472,500 a year ago.

-  Lake Forest – 17 detached single-family homes sold year-to-date, down 34.6 percent compared to 26 detached single-family homes sold in February 2016.  The median sale price in February 2017 was $1,105,000, up 45.4 percent compared to $760,000 a year ago.

-  Northbrook – 41 detached single-family homes sold year-to-date, dead even at 0.0 percent compared to 41 detached single-family homes sold in February 2016.  The median sale price in February 2017 was $553,000, down 3.8 percent compared to $575,000 a year ago.

-  Skokie – 47 detached single-family homes sold year-to-date, down 25.4 percent compared to 63 detached single-family homes sold in February 2016.  The median sale price in February 2017 was $307,500, down 2.4 percent compared to $315,000 a year ago.

-  Winnetka – 27 detached single-family homes sold year-to-date, up 8.0 percent compared to 25 detached single-family homes sold in February 2016.  The median sale price in February 2017 was $1,125,000, up 9.8 percent compared to $1,025,000 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.

How to Create a Home Office in a Small Home

As more people work from home at least part-time, having a home office has become a major priority for many buyers and homeowners. Even if a home has limited square footage, it can have a dedicated place for work. Here are some ideas to create that space no matter how small a home may be.

Take Over a Closet

Consider a closet that isn’t absolutely necessary and convert it to a work space. This can be as simple as building a desk-height shelf and placing a stool underneath to pull out when it’s time to work. More shelves can be arranged to accommodate equipment such as a printer and office supplies. Doors can be optional for a more open feel or retained to close up the office when work is complete or guests visit.

Under the Stairs

Two-story homes present a special opportunity to create office space in a typically unused area located under the stairs. Try a small desk at the highest point of the opening and possibly add a bookcase or build shelves under the sloping area for storage. This option maximizes the use of an often-forgotten corner of any home. It’s almost like adding square footage.

Transform a Dining Room

Many older homes come with an eat-in kitchen and a formal dining room. For a lot of families, the formal area is just wasted space. Consider making it useful by turning it into a full-size office. Even if it is occasionally used for holiday dinners or special family gatherings, a small desk could occupy one corner with a divider screen to shield if from view when entertaining events are scheduled.

A Floating Desk

Try attaching a hinged desk top to a wall in the living room, bedroom or any other suitable room to create a desk without taking up a lot of space. Then use a rolling cart for office supplies that can be placed in a closet when not needed for work. Alternately, locate a rolling desk that can move from room to room for flexible, easily-stored work space options within any home.

Creativity is the key to success in designing potential small home office options.  To find that perfect space, be sure to give every corner and every room a thorough review with these suggestions in mind and feel free to contact me for a consultation.  I’d be happy to offer you suggestions designed to help you maximize the value of your home.

Image courtesy of Allyson Hoffman

Tips to Help You Choose the Right Look for Your Windows

Windows have a big impact on a room as the source of natural light and fresh air. But they also influence the atmosphere. They can make a small room feel more spacious or turn a large room into a cozy space. Here are some tips to help make your windows stand out.

Blinds

In the past few decades, blinds have become extremely popular. Generally more durable than curtains, they can be opened for natural light or closed for privacy and even blend in for a minimalist look of no window treatments at all. Available in a wide variety of styles, including wood, blinds are designed to suit all types of design themes.

When choosing blinds, be sure to assess whether they will stand alone or work with curtains. For light-sensitive sleepers, consider room-darkening blinds in bedrooms. For a more modern look, choose smaller slats or larger two-inch slats for traditional appeal.

And, if you plan to sell your home in the next few years, buy blinds in a neutral shade that works easily with buyers of varied tastes.

Curtains and Drapes

The curtains selected for windows will impact the look of the entire room. Even if a window isn’t the primary focal point, the right curtain can enhance the space. Choose the right design by:

  • Considering room size – a small room will likely feel larger with curtains in light colors and fabrics as opposed to darker shades and heavy fabrics which are better suited to large formal rooms.
  • Hanging the curtains higher than the window to make the room feel taller or extending them past the window sill to create a grand design.
  • Choosing the length -- floor length curtains and draperies typically follow a traditional theme while allowing them to pool at the floor is a more modern trend that can create a more casual appearance.

Window coverings add major impact to the design of any room, so plan carefully and choose those that look best with these concepts in mind. If you plan to sell your home, new window coverings can provide an inexpensive update to your space. Just remember to open them up to make the room inviting when visitors are scheduled for home showings.  For additional design ideas to enhance your home’s appeal, feel free to contact me for a consultation.  I’d be happy to offer you suggestions designed to help you maximize the value of your home.

Image courtesy Pexels/pixabay.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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