Allyson Hoffman's Real Estate Update

Chicago's North Shore Suburban Market Update

 

   

The good news for the North Shore Suburban Chicago real estate market continues this month showing that the decline in pricing compared to 2009 continues to slow.  The overall drop in pricing as compared to 2009 has remained stable at 6% less than last year for attached housing units and another percent closer to flat pricing in the detached home arena with the drop being at only 3% since this time in 2009.  Additionally, the listing price to selling price point spread has remained unchanged with condos and townhomes holding at 86% of list price and freestanding homes at 85%, a full percent higher than a year ago.  Market times are stable to slightly decreasing which is a welcome change with freestanding homes now taking an average of two weeks less time on the market (see chart below).  New contracts, closed sales and pending sales are well ahead of the 2009 pace and correspondingly, there are less homes requiring price changes or going off the market without selling.  However, while inventory levels have also decreased, the majority of this change has been in the attached housing arena with freestanding homes remaining at about the same levels as were noted in the Spring.  Quite likely, this disparity is the result of many first time homebuyers snapping up good buys prior to the expiration of recent tax credits and now closing on those properties, so this will be an emerging trend to follow in future months as the affect of the tax credits disappear and the true nature of the market without artificial intervention can be evaluated.  The North Shore is now showing over a year’s worth of property to choose from based upon the rate at which it is being purchased with roughly 12 freestanding homes available to each one that is selling today.   This trend is definitely not an improvement over the results we saw at the end of June. 

Distressed properties (short sales and bank owned homes) still account for roughly 30-35% of those offered for sale today and as a Short Sale Foreclosure Resource (SFR) certified agent, I can assist in answering questions or suggesting solutions to those finding themselves in this situation.

Mortgages rates remain historically low and have continued to fall making homes much more affordable, especially for those looking at jumbo financing which is approaching or at a 5% rate with no points today, much lower than it was earlier in the year.  So refinancing could be a great idea to consider now.  When combining low rates with the lowest prices seen in many, many years, this is definitely a great time to consider buying a new home for the first time or moving up to a larger one.  Sellers should definitely still plan for a competitive environment where accurate pricing is critical and those homes that couple correct pricing with the best condition will sell first.  The market definitely remains both price driven and a “beauty contest.”

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 set up a personalized webpage with data designed specifically for your home, a home that interests you or for a personalized new home search profile that matches your unique criteria.

 

Northern Shore Suburban Chicago Attached Housing
Date
New
Listings
Closed
Sales

Average
List
Price

Average
Closed
Price
Average
Market
Time

12 Mo
Price
Change

7/10
2651
867
$302,056
$260,030
205
-6.00%
7/09
2503
552
$323,449
$277,561
196
 
Northern Shore Suburban Chicago Detached Housing
Date
New
Listings
Closed
Sales

Average
List
Price

Average
Closed
Price
Average
Market
Time

12 Mo
Price
Change

7/10
5208
1955
$734,970
$626,966
196
-3.00%
7/09
5154
1334
$772,256
$646,174
209
 


*This representation is based in whole or in part on data supplied by various Participants in the MREDLLC for the period 1/1/10 through 7/31/10. MREDLLC does not guarantee nor is it in any way responsible for its accuracy. Data maintained by the MREDLLC may not reflect all real estate activity in the market.

 
Interested in knowing what the market is like?  Click Here to view the latest quarterly median home price for your market, and its percentage change from the previous quarter.

 

Did You Know...

The average home produces 200,000 pounds of carbon dioxide per year, the equivalent produced by 25 mid-size vehicles.

Kitchen Design Trends

Even as homebuyers look to downsize their homes, kitchens are taking up a larger percentage of the overall floor plan. Once-popular home theaters and dining rooms are making way for larger kitchens, according to design experts with General Electric.

“The kitchen has become the new living space, and it’s expanding in both size and comfort to accommodate everyday life and entertaining,” says Marc Hottenroth, manager of GE Appliance’s Industrial Design Organization. “The attention to detail that once went into the selection of the leather sofa, plasma TV and Oriental 

rug in the family room is now going into the selection of appliances, countertops and accent lighting.”

Kitchen islands and dedicated work spaces for special hobbies, such as wine tasting or baking, continue to grow in popularity. Homeowners are creating custom work spaces with under-counter refrigerator drawers and wine refrigerators.

For busy families that want faster cooking and easier clean-up, induction cooktop stoves are a popular choice. Induction cooktop stoves boil water faster than gas or electric cooktops, and spills are easier to clean because they don’t cook onto the stovetop.

Stainless steel is still the finish of choice for appliances, but homeowners also are choosing more energy-efficient models. Another design trend for 2010 is the creative use of lighting, such as combining overhead can lighting with accent lights to highlight design elements.

Whether it’s adding a custom work space, highlighting design elements with light or creating comfortable living spaces within the kitchen, homeowners are finding creative ways to design the kitchen to suit their day-to-day needs.

My Real Estate CyberTips is another great resource.
It's not just about real estate!       

Real Estate CyberTips Newsletter  


Did you know
 

About two-thirds of U.S. homes (65 percent) currently have central air-conditioning and another 21 percent have window units. By contrast, only 17 percent of U.S. homes had central A/C in 1973.

Homebuyer Must-Haves, Turnoffs

When shopping for a new home, homebuyers tend to look for space, and lots of it. A garage or parking space is the most sought-after home feature, followed by a master suite, ample storage space, walk-in closets and a guest bedroom. A home located on a quiet cul-de-sac is more likely to appeal to families, while a location on a busy street may be a turnoff. Other buyer turnoffs are structural damage, bad odors, and an awkward floor plan.

The top ten most sought-after home features are:

1. Garage or parking space

2. Master suite

3. Ample storage space

4. Large or walk-in closets

5. Guest bedroom

6. Outdoor entertainment area

7. Gourmet or updated kitchen

8. Breakfast room or eat-in kitchen

9. Large yard

10. Wood floors

For the uninformed, blogging is hitting the Internet today and making a real impact! What is a blog? An easy explanation of this is a WEB LOG or a journal on the web … it’s a place where folks can “voice” their thoughts, share ideas, or comment on those of others. The Northern Suburbs of Chicago now has such a blog where new items of interest will be posted and where comments can be made. Topics can range from those related to real estate and community highlights to local events of interest or anything personal or business related that might be perceived as worthwhile information for public knowledge, discussion and/or use. It’s even possible to subscribe to a blog of interest and receive textual updates on your iPod! Check out the latest updates for the Northern Chicago Suburbs at:

http://www.realestatenorthernillinois.com/blog.asp


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