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Real Estate Update from Allyson Hoffman

Median Sale Prices Up, Home Sales Down

 


 

 

 

Cooler Weather Slows Home Sales

Northbrook, IL – November 21, 2019 – October saw a mixed bag of news as the average sale price and units sold fell while the median prices and the market time were more favorable in the local markets.  Housing data for October shows the number of new listings increased compared to the same period in 2018.  New listings fell while homes under contract continued to rise for single-family home sales according to the North-Shore Barrington Association of REALTORS® (NSBAR) in a baffling market.

NSBAR’S latest data shows new listings increased 6.7 percent to 830 up from 778 a year ago. The number of closed sales decreased 0.7 percent to 378 for October 2019 compared to 381 in October 2018.  The number of homes under contract (contingent and pending) increased 2.1 percent. The average sales price is down 2.6 percent in 2019 at $632,778 in homes sold in October compared to $649,639 for the same period last year.

The median sales price was down 0.3 percent in October, up to $495,000 compared to $494,000 during the same period in October 2018, and the average listing price decreased 2.6 percent with the percentage of the list price to sale price ratio increasing to 95.0 compared to 96.2 in October 2018.

The inventory of homes in the North Shore and Barrington area increased by 1.1 percent in October, compared to a year ago, going to 3,521 from 3,483. The month’s supply for sale is down 6.8 percent compared to 6.5 months in October 2018.

Across the area region, year-to-date 2019 housing market highlights include:

- Year-to-date, 4,177 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 less than in October 2018.  The median sales price decreased 2.4 percent on sales in the North Shore and Barrington areas.                                                                                                                    

-  Barrington area – 463 detached single-family homes sold year-to-date, up 2.7 percent compared to 451 detached single-family homes sold in October 2018.  The median sale price in October 2019 was $497,500, up 4.7 percent compared to $475,000 a year ago.

-  Deerfield – 278 detached single-family homes sold year-to-date, down 0.7 percent compared to 280 detached single-family homes sold in October 2018.  The median sales price in October 2019 was $520,000, down 4.1 percent compared to $547,500 a year ago.

 -  Evanston – 371 detached single-family homes sold year-to-date, down 3.6% as compared to 385 detached single-family homes sold in October 2018.  The median sale price in October 2019 was $514,000, down 6.5 percent compared to $550,000 a year ago.

-  Golf-Glenview – 439 detached single-family homes sold year-to-date, down 4.6 percent compared to 460 detached single-family homes sold in October 2018.  The median sale price in October 2019 was $570,000, up 3.1 percent compared to $553,000 a year ago.

-  Lake Forest – 227 detached single-family homes sold year-to-date, down 6.1%, compared to 247 detached single-family homes sold in October 2018.  The median sale price in October 2019 was $775,000, down 8.3% compared to $845,000 a year ago.

-  Northbrook – 387 detached single-family homes sold year-to-date, up 2.1 percent compared to 379 detached single-family homes sold in October 2018.  The median sale price in October 2019 was $583,000, up 1.4 percent compared to $575,000 a year ago.

-  Skokie – 395 detached single-family homes sold year-to-date, is up 2.6% compared to 385 detached single-family homes sold in October 2018.  The median sale price in October 2019 was $340,000, down 0.7 percent compared to $342,500 a year ago.

-  Winnetka – 203 detached single-family homes sold year-to-date, is down 6.5% compared to 217 detached single-family homes sold in October 2018.  The median sale price in October 2019 was $1,244,350 up 5.9 percent compared to $1,175,000 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 3,800 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 [email protected] 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.

To Move or Not to Move – That Is the Question!

When you bought your current home, it undoubtedly seemed nearly ideal. Yet neighborhoods, employment and life situations inevitably change leading to the day when that once “perfect” home no longer fits your current needs and makes it time to consider a new home.

When making that decision to relocate, here are a few factors to consider:

Travel Time

If you’re spending excessive time commuting to and from work as opposed to spending time with family or doing the things you most enjoy, moving to a more suitable location may be an idea to consider. When changing jobs, your new place of employment may be a great career move but not equally comfortable relative to the location of your home.

Need More Room

Once upon a time a two-bedroom, one bath residence might have felt quaint, cozy and perfectly comfortable. But if your family size has grown and your acquired possessions have begun to exceed the space available for easy use or storage, it may be the time to explore a new location.  When your home now feels more confining than comfortable, a larger new version that accommodates everyone and everything could be the solution.

Not Interested in Renovating

Did you previously purchase a fixer upper with the honest intention of rehabbing it back to its former glory and ultimately discover that the effort, time and cost were too much to handle? Then accepting this reality might mean that moving to a “finished” up-to-date home would be much less stressful or frustrating and a much better option for you and your family’s happiness and comfort.

New Priorities?

When you bought your existing home, perhaps, for example, you appreciated the vibrant nightlife in your neighborhood. As families change, so do their needs and priorities such as proximity to schools, libraries or parks.  So if your existing neighborhood fails to provide the benefits you now require, it may be the time to consider moving to an area that better suits your lifestyle.

Since one enduring thing we can all count on is change, over time you may find that a move is the best way to ensure your happiness. With the right help, the process of selling your home and finding your new dream home can be exciting and fun. Feel free to contact me today and I will gladly guide you through the process of selling your home and buying a new one.

Image by skeeze from Pixabay

Outclassing Your Competition When Selling a Home

When selling your home, the competing homes include both new construction and other resale properties.  Builder’s model homes provide them an edge and an ideal sales tool because those homes are pristine, perfectly-staged examples that help buyers to visualize the potential of unfurnished or incomplete homes in a new development or condominium complex.

To effectively compete in this arena, there are primarily three zones of your home to address: (1) the exterior, (2) the interior, and (3) staging. To assist you in maximizing your appeal, consider these helpful suggestions.

Exterior

Because first impressions are critical and present a one-time opportunity to impact the intensity of buyer interest, attention to perfecting the exterior appeal of your home should be of high priority.  Consider the following tasks to pique buyer curiosity:

  • Mow and edge the front lawn.
  • Trim all hedges/shrubs and eliminate weeds.
  • Clean all debris from the yard and beds.
  • Plant flowerbeds, window boxes and/or flowerpots with colorful flowers.
  • Pressure wash the sidewalk and driveway.
  • Pressure wash the exterior and repaint if necessary.
  • Clean, repair, repaint (or replace) your mailbox.
  • Repaint the front door and polish any tarnished brass.

If prospective buyers don’t like how your home looks from the outside, they likely won’t bother exploring the inside. While improving the curb appeal of a home can be arduous, the effect is worth the effort, even if retaining professional help is needed.

Interior

Once the exterior of your home looks great, make sure the interior appeal matches and show your home in the best possible light.  Basic, but truly essential preparations designed to impress buyers, include completing any necessary maintenance and paying particular attention to the follow details within your home:

  • Replace cracked windows, broken outlets and light switches.
  • Oil door hinges and polish tarnished fixtures.
  • Repair items like leaky faucets, toilets that don’t flush properly or clogged drains.
  • Thoroughly clean your home from top to bottom.
  • Shampoo and steam clean carpets or consider replacing if they are outdated and worn.
  • Polish or refinish hardwood flooring.
  • Spotless bathrooms are essential – possibly add new hand towels, mats or shower curtains.
  • Declutter all rooms but pay particular attention to closets and drawers that buyers make check –meticulously organized space makes homes feel larger.
  • Give your kitchen a mini-facelift if it is dated – new hardware, lighting or appliances can make a big difference with a minimal investment.
  • If your home is crowded, consider storing excess furniture to make rooms appear larger.
  • Clean, organize and air out the basement.
  • If you have pets, eliminate all evidence of pet damage and have a plan for them while your home is on the market.
  • A fresh coat of paint in a neutral color will make your home feel “new” and dollar-for-dollar will return more than the money spent on the improvement.

Staging

Staging uses furniture, artwork and careful accents to create a mood that highlights the positive aspects of a home while concealing the negative. Though it’s possible to stage your home yourself using online tutorials that go into great detail, in most cases experts can do a better job. Professional stagers will have access to furnishings and accent pieces that can make your home outshine the competition.  For information on reasonably-priced staging services that produce great results for Chicago’s North Shore, North and Northwest Suburbs, consider contacting Phoenix Rising.  For a less expensive alternative, at a minimum consider virtually staging the major rooms inside.  Most real estate professionals can do this for you as a part of their services.

To have a true jump on your competition you’ll want to complete these preparations before your home goes on the market and when you are ready to sell your home, 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 193584/Pixabay.com

 

 

 

 

 

 

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Contact Information

Photo of Allyson Hoffman & Paul Wells Real Estate
Allyson Hoffman & Paul Wells
RE/MAX of Barrington
306 W. Northwest Highway
Barrington IL 60010
Allyson: 847-310-5300
Paul: 847-913-6100

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RE/MAX of Barrington
306 W. Northwest Hwy.
Barrington, IL 60010

Allyson Hoffman
(847) 310-5300
[email protected]

Paul Wells
(847) 913-6100
[email protected]