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Real Estate Update from Allyson Hoffman

North Shore and Barrington Area Housing Market Show Growth

 


 

 

Increases Continue Despite Lack of Inventory

Northbrook, IL – July 26, 2017 – As the second quarter of 2017 ends, the North Shore-Barrington housing market shows an increase in new listings, median and average sales prices.  Housing data for June also shows continued growth for closed sales and houses under contract, according to the North Shore-Barrington Association of REALTORS® (NSBAR).   

NSBAR’S latest data shows new listings increased 7.4 percent to 1,661, up from 1,547 a year ago. The number of closed sales increased 7.3 percent to 1,049 for June 2017 compared to 978 in June 2016. The number of homes under contract (contingent and pending) is up 1.1 percent with 836 homes going under contract in June compared to 827 for the same period last year.

“The North Shore and Barrington areas are seeing an increase in new listings and closed sales despite an overall decrease in the inventory of homes for sale as compared to last year,” said Carrie Healy, president of NSBAR. “Low inventory continues to present a challenge to buyers.”

The median sales price rose 8.2 percent in June, up to $469,000, compared to $433,500 during the same period in June 2016, but the average listing price decreased 1.5 percent with the percentage of the original list price remaining flat at 94.6 percent compared to June 2016.

The inventory of homes in the North Shore and Barrington area decreased by 7.1 percent in June, compared to a year ago, going from 4,366 to 4,057.  The months’ supply of homes for sale fell from 6.9 months in June 2016 to 6.2 months last month.

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

- Year-to-date, 2,707 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 June was more than double those reporting a decrease, compared to June 2016.  The median sales price increased in two-thirds of the communities.  Communities reporting an increase (or no change) in the number of sales compared to June 2016 include Barrington, Deerfield, Evanston, Glencoe, Golf-Glenview, Highland Park, Kenilworth, Lake Bluff, Lincolnwood, Mettawa, Morton Grove, Northbrook, Prairie View and Winnetka       

-  Barrington area – 342 detached single-family homes sold year-to-date, up 20.8 percent compared to 283 detached single-family homes sold in June 2016.  The median sale price in June 2017 was $515,650, up 4.2 percent compared to $495,000 a year ago.

-  Deerfield – 160 detached single-family homes sold year-to-date, up 23.1 percent compared to 130 detached single-family homes sold in June 2016.  The median sales price in June 2017 was $565,500, up 6.4 percent compared to $531,500 a year ago.   

-  Evanston – 228 detached single-family homes sold year-to-date, up 0.4 percent compared to 227 detached single-family homes sold in June 2016.  The median sale price in June 2017 was $531,250, up 4.0 percent compared to $510,800 a year ago.

-  Golf-Glenview – 306 detached single-family homes sold year-to-date, up 18.1 percent compared to 259 detached single-family homes sold in June 2016.  The median sale price in June 2017 was $546,250, up 7.1 percent compared to $510,000 a year ago.

-  Kenilworth – 34 detached single-family homes sold year-to-date, up 78.9 percent compared to 19 detached single-family homes sold in June 2016.  The median sale price in June 2017 was $1,429,500, up 40.1 percent compared to $1,020,000 a year ago.

-  Northbrook – 249 detached single-family homes sold year-to-date, up 16.9 percent compared to 213 detached single-family homes sold in June 2016.  The median sale price in June 2017 was $550,000, down 0.9 percent compared to $555,000 a year ago.

-  Skokie – 238 detached single-family homes sold year-to-date, down 2.9 percent compared to 245 detached single-family homes sold in June 2016.  The median sale price in June 2017 was $324,000, down 0.4 percent compared to $325,400 a year ago.

-  Winnetka – 141 detached single-family homes sold year-to-date, up 30.6 percent compared to 108 detached single-family homes sold in June 2016.  The median sale price in June 2017 was $1,122,500, down 4.5 percent compared to $1,175,750 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.

Adding Appeal to Your Backyard

Many people, regardless of their size of their yard, dream of adding a functional feature to their outdoor lawn space.  If you’ve toyed with this idea, here are some ideas to consider and reasons to move forward with plans or not.

Gazebo

A gazebo can be an attractive addition to any backyard space. It’s typically open and airy, providing a covered shelter for outdoor get-togethers regardless of inclement weather. Moreover it can add a whimsical aura to a backyard by incorporating some romance and nostalgia. Even if you prefer modern designs, a gazebo can blend into your decor. It’s important to note that gazebos can occupy a good bit of space, so be sure that it does not overwhelm a smaller yard.

Outdoor Fireplace

For homeowners who truly enjoy spending time outside, an outdoor fireplace could extend their comfortable time in the fresh air even as cooler weather arrives. Not only will a fireplace add some ambience to your backyard, it also provides a practical addition by keeping you warm, or being used for cooking.  Just be sure to check your local ordinances regarding any restrictions for this type of an upgrade before you invest in this type of improvement.

Man Cave/She Shed

One increasingly popular trend is adding or converting an existing shed to include function beyond the most common use as a storage facility. As an alternative to renovating a basement, sheds are gradually becoming a new retreat for men or women. Whether being redesigned for uses such as watching sports games, reading or simply working on personal hobbies, a separate shed can be a solution to limited space within your home.  Again, keep in mind that any shed will occupy precious yard space, so before you start this type of project, consider the impact on your outdoor area and family needs.

So, when considering adding one of these unique outdoor spaces, not only should you carefully plan how you’ll use it, but also evaluate its potential appeal to buyers in the future. Before making any major changes, always weigh the loss of any lawn area against the improvement to your home and its value. For additional ideas designed to enhance your home’s backyard, feel free to contact me for a consultation.  I’d be happy to offer you suggestions personally tailored to help you maximize the value of your home.

Image courtesy FASerra/pixabay.com

Thinking about Starting a Home-Based Business?

An online search will yield a plethora of information about starting a home-based business. You’ll find an abundance of tips from how to organize it and to set up your work area to how to handle the bookkeeping. However, information surrounding the practical and legal aspects of having a home-based business may be more elusive.

Know the Regulations

First, be sure to find out if a home-based business in your neighborhood is permitted. Not all residential areas permit businesses. Some prohibit any business from being allowed at all while others restrict the permissible types. For example, basement rental units or daycare facilities may be banned.

If you reside in a homeowner’s association, you’ll want to pay attention to any restrictions detailed in the association’s by-laws, rules and regulations. Likewise, subdivision homes can be subject to restrictive city zoning codes. For example, you may be limited as to how many vehicles may be parked in your driveway and what types of activities can occur in areas that are visible to your neighbors.

Regulations tend to be more lenient if no customers will visit your home. A good example of this type of operation might include an IT professional whose clientele is scattered around the country and will never come to your residence. With no obvious signs of a business in your home, you will undoubtedly have fewer issues. However, if you’ll need a business license, be certain to comply with all requirements.

Talk to Your Neighbors

Depending upon the type of business you’ll be establishing, it might be prudent to inform your neighbors about your plans. A cooperative and considerate spirit with the neighbors can go a long way to minimizing the potential for future difficulties surrounding your new business.  Approaching your neighbors will provide you the opportunity to answer their questions or address their concerns and could even produce neighbors as supporters who spread the word about your business to help you gain new customers.

Working from home can be a dream realized for many, providing you plan carefully and consider all the legal and practical aspects and impacts before you begin.  For additional information on working and running your business from 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 350543/pixabay.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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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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