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Real Estate Update from Allyson Hoffman

Median Sales Price Starts to Rise in North Shore and Barrington

 


 

 

Number of New Listings Rise and Median Sale Price as the Fall Starts

Northbrook, IL – November 21, 2018 – Listings rose as the autumn season begins, following last month’s trend.  Housing data for October shows the number of new listings rose slightly while closed sales increased slightly compared to the same period in 2017, as well as houses under contract.  The largest increase was in the number of new listings, according to the North-Shore Barrington Association of REALTORS® (NSBAR).

NSBAR’S latest data shows new listings increased 26.0 percent to 1,414 up from 1,122 a year ago. The number of closed sales decreased 5.0 percent to 506 for October 2018 compared to 482 in October 2017.  The number of homes under contract (contingent and pending) decreased 0.1 percent. The average sales price is down 2.1 percent in 2018 at $637,983 in homes sold in October compared to $624,806 for the same period last year.

The median sales price was down 2.5 percent in October, up to $490,000 compared to $478,000 during the same period in October 2017, and the average listing price decreased 3.2 percent with the percentage of the original list price to sale price ratio increasing to 93.2 compared to 93.1 in October 2017.

The inventory of homes in the North Shore and Barrington area increased by 4.7 percent in October, compared to a year ago, going from 3,561 to 3,402. The month’s supply for sale is the up at 7.1 percent compared to 7.0 months in October 2017.

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

- Year-to-date, 4,314 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 October was somewhat less than in October 2017.  The median sales price increased 2.7 percent on sales in the North Shore and Barrington areas.  Nearly all the communities have either minor gains or losses in their median price compared to October 2017.                                                                                 

-  Barrington area – 451 detached single-family homes sold year-to-date, down 21.7 percent compared to 576 detached single-family homes sold in October 2017.  The median sale price in October 2018 was $475,000, down 9.5 percent compared to $525,000 a year ago.

-  Deerfield – 280 detached single-family homes sold year-to-date, up 7.3 percent compared to 261 detached single-family homes sold in October 2017.  The median sales price in October 2018 was $542,500, down 1.2 percent compared to $549,000 a year ago. 

 -  Evanston – 385 detached single-family homes sold year-to-date, down 2.3% as compared to 394 detached single-family homes sold in October 2017.  The median sale price in October 2018 was $550,000, up 1.9 percent compared to $540,000 a year ago.

-  Golf-Glenview – 460 detached single-family homes sold year-to-date, down 9.8 percent compared to 510 detached single-family homes sold in October 2017.  The median sale price in October 2018 was $553,000, up 2.9 percent compared to $537,000 a year ago.

-  Lake Forest – 247 detached single-family homes sold year-to-date, up 1.2%, compared to 244 detached single-family homes sold in October 2017.  The median sale price in October 2018 was $845,000, up 0.1 percent compared to $844,000 a year ago.

-  Northbrook – 379 detached single-family homes sold year-to-date, down 10.8 percent compared to 425 detached single-family homes sold in October 2017.  The median sale price in October 2018 was $575,000, up 5.5 percent compared to $545,000 a year ago.

-  Skokie – 385 detached single-family homes sold year-to-date, down 3.3 percent compared to 398 detached single-family homes sold in October 2017.  The median sale price in October 2018 was $342,500, up 5.4 percent compared to $325,000 a year ago.

-  Winnetka – 217 detached single-family homes sold year-to-date, down 6.9 percent compared to 23 detached single-family homes sold in October 2017.  The median sale price in October 2018 was $1,175,000, up 6.3 percent compared to $1,105,000 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.

 

Click here to see what others have to say about how Allyson was able to help her clients achieve their real estate goals.

Making Home Improvements When Selling Your Home

When you are ready to sell your home, making pre-listing improvements can be a great way to help it stand out from the competition and attract buyers. Because it is likely that many improvements could be considered, you’ll want to ensure that you choose the right renovations to maximize the benefit of the monies invested and produce a sale in the shortest amount of time and at the highest possible price.

The first area to examine when considering possible improvements is the exterior of your home. Remember that this is what prospective buyers will initially see.  So, if your home appears uninviting or simply run down, a buyer may walk before ever seeing the inside. Focus on repairing problems such as deteriorating paint, torn screens, a shabby front door or mailbox and even cracked driveways and sidewalks. Also, don’t neglect the landscaping.  Time invested in pruning, trimming, removing weeds and mowing the lawn is definitely time well spent when it comes to making a great first impression.

Once inside your home, it’s worthwhile to consider the condition of the flooring. If you have carpet, is it in good condition? Does your home feature laminate, hardwood, linoleum, or tile flooring?  Today’s buyers frequently prefer quality flooring. If your budget will permit it, consider updating your flooring.  Flooring improvements often return more than the cost of the investment and definitely add to the way your home presents to prospective buyers.  If you are working with a limited budget, then at the very least, make sure all flooring is clean and in as good condition as possible.

Should you paint the interior of your home or leave it?  Generally, a fresh coat of paint in a neutral warm color such as popular greige, gray, taupes, decorator whites or soft beige is money well spent in preparing your home for sale. Even though you, for example, may love your purple kitchen, prospective buyers may not. Bold personalized colors schemes may cause buyers to feel that they would need to invest too much time, money, and energy in redecorating. New paint can remedy that problem and eliminate the rundown look that often results when the current paint is worn, peeling or is just not the best quality.

Finally, don’t overlook the importance and appearance of your kitchen and bathrooms. By far, these tend to be the two most significant rooms in the home in terms of renovations. Full renovations can certainly be costly, but even updating kitchen appliances or freshening up the cabinetry with paint and new hardware or a new countertop can make a huge difference in the impression buyers will have when they visit.  Likewise, bathrooms should be sparkly clean with similar updates as those you might consider in the kitchen.  Remember that prospective buyers look at everything from the toilet to the fixtures. So, if your bathrooms are outdated, this could be a good place to apply some of your renovation budget.

If you are perplexed as to where to start and would like an opinion that will help you to plan and proceed with less stress, please feel free to contact me to set up an appointment to preview your home.  I’d be happy to offer you suggestions designed to help you maximize the value of your home, provide you additional information on the buying or selling process, help you to find a new home or determine the value of your existing property.

Image courtesy of Simon Howden at FreeDigitalPhotos.net

Packing To Move -- Have A Plan!

When you decide to make a move to a new home, you’re committed to experiencing the dreaded task of packing – whether you tackle it yourself or professionally. Few, if any, people enjoy this process, but staying organized with a plan can undoubtedly minimize your stress.

So, here are a few tips to get you started.

- Plan ahead and budget for the move. Will you be moving yourself or will you require the assistance of a moving company? If you are planning to use a moving company it’s a good idea to price this out ahead of time by using a moving calculator.

- Make sure you have plenty of the following: strong packing boxes (more than you think you will need), markers and tags to label boxes, rolls of packing tape, bubble wrap for fragile items, packing paper, scissors and a knife for opening boxes and a spiral notebook.

- Use your spiral notebook and number pages to correspond to the packed box numbers.  Write the contents of each box on its numbered page.  This will allow you to easily find the things you need most in the unpacking process at your new destination.

- Pack room-to-room keeping similar items together.

- Use smaller boxes for heavier items to make them easier to lift.

- Consider using towels, linens and curtains to line the bottom and sides of boxes with fragile items. All fragile items should be individually wrapped. Clearly mark these boxes FRAGILE.

- Make sure that any opened boxes or jars are tightly sealed before packing them.

- Use colorful tags to number and identify the contents of the box including which room it will be taken to in your new home.

- Pack any rugs last so that they will be the first thing unpacked and placed in the home.

- Make a master list of all household items and personal belongings.

- Finally pack a box with all the essentials and mark it “Open Me First”. This box may contain items such as: a few basic tools (flashlight, pocket knife, masking tape, light bulbs), bathroom essentials (toilet paper, soap, shampoo, toothbrushes & paste, hand towel), Kitchen items (paper towels, coffee maker & filter, paper plates, cups, utensils, pet food, trash bags).

Planning ahead will make all the difference to an overwhelming move. Do your research and make a plan.

If you are considering buying or selling and the thought of moving is holding you back, please contact me.  I will walk you through the entire process and offer some great moving information.  Click here to download my free reports on moving.  I offer moving tips on how to move with children, pets and so much more.

Image courtesy of istockphoto.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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