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Real Estate Update from Allyson Hoffman

North Shore and Barrington Area Housing Market At Year’s End

 


 

 

Fewer Listings Selling Faster

Northbrook, IL – January 19, 2018 – Although the end of 2017 saw a decrease in the number of homes for sale, days on the market and months of supply, more listing activity and improved conditions for sellers are predicted for the North-Shore Barrington market in 2018. Housing data for December shows the number of new listings and closed sales fell from the same period in 2016, while houses under contract rose, according to the North Shore-Barrington Association of REALTORS® (NSBAR). 

NSBAR’S latest data shows new listings decreased 10.5 percent to 367, down from 410 a year ago. The number of closed sales decreased 6.5 percent to 486 for December 2017 compared to 520 in December 2016. However, the number of homes under contract (contingent and pending) is up 3.0 percent with 379 homes going under contract in December compared to 368 for the same period last year.

“2018 is here and REALTORS are ready for what looks to be a good year for our local markets.  As the economy progresses, this is a good time for potential sellers to consider putting their homes on the market,” said Ian Robinson, president of NSBAR. “Demand for houses in many price ranges and neighborhoods continues to outpace the current inventory of homes available.”

The median sales price fell 2.6 percent in December, down to $397,000, compared to $407,500 during the same period in December 2016, but the average listing price rose to 3.6 percent with the percentage of the original list price also increasing to 92.1 percent from 90.8 in December 2016.

The inventory of homes in the North Shore and Barrington area decreased by 14.3 percent in December 2017, compared to a year ago going from 3,053 to 2,617.  The months’ supply of homes for sale fell from 4.9 months in December 2016 to 4.0 months last month

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

- Year-to-date, 5,314 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 December was triple those reporting a decrease, compared to December 2016.  The median sales price was evenly split in the communities.  Communities reporting an increase (or no change) in the number of sales compared to December 2016 include Barrington, Deerfield, Glencoe, Golf-Glenview, Highland Park,  Kenilworth, Lake Forest, Lincolnshire, Lincolnwood, Mettawa, Morton Grove, Northbrook, Northfield, Prairie View, and Winnetka.            

-  Barrington area – 657 detached single-family homes sold year-to-date, up 12.5 percent compared to 584 detached single-family homes sold in December 2016.  The median sale price in December 2017 was $520,000, up 4.0 percent compared to $499,000 a year ago.

-  Deerfield – 305 detached single-family homes sold year-to-date, up 2.3 percent compared to 298 detached single-family homes sold in December 2016.  The median sales price in December 2017 was $540,000, up 16.8 percent compared to $462,200 a year ago. 

 -  Evanston – 465 detached single-family homes sold year-to-date, down 4.9 percent compared to 489 detached single-family homes sold in December 2016.  The median sale price in December 2017 was $535,000, down 4.9 percent compared to $562,500 a year ago.

-  Golf-Glenview – 571 detached single-family homes sold year-to-date, up 2.0 percent compared to 560 detached single-family homes sold in December 2016.  The median sale price in December 2017 was $545,000, down 23.2 percent compared to $710,000 a year ago.

-  Lake Forest – 280 detached single-family homes sold year-to-date, up 1.1 percent compared to 277 detached single-family homes sold in December 2016.  The median sale price in December 2017 was $845,000, up 14.6 percent compared to $737,500 a year ago.

-  Northbrook – 496 detached single-family homes sold year-to-date, up 10.2 percent compared to 450 detached single-family homes sold in December 2016.  The median sale price in December 2017 was $540,000, up 2.9 percent compared to $525,000 a year ago.

-  Skokie – 472 detached single-family homes sold year-to-date, down 9.8 percent compared to 523 detached single-family homes sold in December 2016.  The median sale price in December 2017 was $327,750, up 4.0 percent compared to $315,000 a year ago.

-  Winnetka – 255 detached single-family homes sold year-to-date, up 5.4 percent compared to 242 detached single-family homes sold in December 2016.  The median sale price in December 2017 was $1,122,000, down 24.2 percent compared to $1,481,500 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.

Talking to Your Parents about Selling Their Home

It’s difficult for adult children to watch their parents get older. They often become less independent and may struggle with tasks that were once routine. Caring for a home is one of those critical responsibilities that can become too challenging to handle. At some point, speaking to your parents about selling their home and moving into an easier-living environment such as a retirement community may become a needed reality.

When to Talk to Your Parents about Selling

Preferably, don’t wait until it’s necessary to broach the subject of selling their home. It’s best to mention this concern while they are still able to care for the property. This way, it gives them time to get used to the idea of moving and doesn’t seem like an inevitable decision.

If your parent has fallen, become sick or injured, it can be an opportune time to discuss options regarding when they can no longer be at home. Even if they are expected to make a full recovery, it can provide them the chance to consider the future.

How to Talk to Your Parents about Selling

Approaching this subject can be tough for everyone, especially if your parents have spent many years in their home or if it happens to be the place where you grew up. Because it’s undoubtedly an emotional subject, initially keep it light.

Perhaps begin with a question like, “What do you think you’ll do when staying at home is no longer safe and practical?” This approach defers a decision to the future while still raising the issue.

If a move needs to be made sooner rather than later, discussing the options in more depth may be warranted. Be sure to raise the positive aspects of moving, such as eliminating stairs and no lawn care or exterior maintenance. If retirement communities are a possibility and there are choices in the area, provide them with brochures or arrange for on site tours.

Be sure to focus on a bright future rather than the loss of an important part of their past and remain upbeat and optimistic rather than emotional despite the loss of familiarity as circumstances change. Help them to view a move as an exciting start to a new and enjoyable phase of life as opposed to a dreaded end of the past. For additional ideas or resources to aid you in talking to your aging parents, feel free to contact me today for a consultation. As a Seniors Real Estate Specialist (SRES), I will be happy to answer any questions you may have, or help you to determine the value of your parents' existing property.

Image courtesy stevepb/pixabay.com

How to Tame Clutter

Almost everyone has to deal with clutter at some point in their lives. It may be a cluttered desk at work, a cluttered room at home or even a cluttered closet or cabinet. It may be their own clutter, a spouse’s stuff or the kids’ things. Regardless, it can be overwhelming, but you have to deal with it because it won’t go away on its own.

Focus on One Spot

It’s easy to get distracted when you’re faced with an entire room or house full of clutter. So pick one area to begin, such as a table piled with paper and just focus on that one spot.  Once you have cleared it off and can see the improvement in the way things look, you’ll undoubtedly feel more motivated to tackle the next area.

Add Storage

One of the primary reasons people have clutter is because they don’t have a place for everything. While you cannot add square footage to a house easily, you can make better use of the existing space with storage solutions such as totes, baskets and crates to hold items. Place them in a closet or on a shelf for attractive storage that is functional and decorative.

Make a To-Go Pile

As you sort through the clutter, set some guidelines about what you won’t keep. For example, if you haven’t used that item in a year, it should probably go. Don’t keep items “just in case”.  If you do, you’ll absolutely stash things you simply don’t need.

To avoid the all-too-common problem of keeping boxes and bags of items to give away, take each one to your vehicle as soon as you fill it up. Then the next time you’re out, you can drop those items at a charity organization, Goodwill or similar group.

Create a Cleaning Schedule

Cleaning up clutter isn’t a one-time event. You’ll want to stay on top of it or more will accumulate.  So set a once-a-month schedule, or more frequently if necessary, to go through your hot spots for clutter. Clear those regularly to keep things under control. You’ll find it only takes a few minutes and you’ll get good at recognizing what to toss right away. For additional information on how to tame the clutter in your home, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, help you to find your dream home or determine the value of your existing property

Image courtesy PatrickPerkins/unsplash.com

 

 

 

 

The Northern Suburbs of Chicago Blog discusses new items of interest regularly. Topics 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. Feel free to subscribe and receive textual updates on your iPhone, iPod and/or iPad! You can always check out the latest updates for the Northern Chicago Suburbs at:

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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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