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Real Estate Update from Allyson Hoffman

North Shore and Barrington Housing Markets Remain Steady

 


 

 

Listings Under Contract Up

Northbrook, IL – June 23, 2017 – Midway through the second quarter, the North Shore and Barrington area housing markets continue to offer buyers what they are looking for in a home and sales in these areas reflect that.  Housing data for May shows the number of new listings and median sales prices slightly fell from the same period in 2016, while closed sales rose substantially, followed in numbers by homes under contract, according to the North Shore-Barrington Association of REALTORS® (NSBAR).   

NSBAR’S latest data shows new listings decreased 4.2 percent to 1,680, down from 1,754 a year ago. The largest increase in this month’s data report is the number of closed sales increased 15.3 percent to 888 for May 2017 compared to 770 in May 2016. The number of homes under contract (contingent and pending) is up 10.6 percent with 967 homes going under contract in May compared to 874 for the same period last year.

“Although new listings are slightly down, closed sales have increased, which is a positive sign for sellers,” said Carrie Healy, president of NSBAR. “As we move into the peak summer season, we’ll see more competition for homes, and higher prices as a result.”

The median sales price fell 3.4 percent in May, down to $430,000, compared to $445,250 during the same period in May 2016, and the average listing price fell 0.6 percent with the percentage of the original list price slightly increasing to 94.4 percent from 93.8 in May 2016.

The inventory of homes in the North Shore and Barrington area decreased by 10.2 percent in May, compared to a year ago going from 4,330 to 3,890.  The months’ supply of homes for sale fell from 6.8 months in May 2016 to 6.9 months last month.

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

- Year-to-date, 2,118 detached single-family homes sold in the North Shore-Barrington market.  Eighteen out of twenty communities in the region reporting an increase in the number of home sales for May, compared to May 2016.  The median sales price decreased in slightly more than half of the communities.  Communities reporting an increase (or no change) in the number of sales compared to May 2016 include Barrington, Deerfield, Evanston, Glencoe, Golf-Glenview, Highland Park, Highwood, Kenilworth, Lake Bluff, Lake Forest, Lincolnshire, Lincolnwood, Mettawa, Morton Grove, Northbrook, Skokie, Wilmette and Winnetka.        

-  Barrington area – 262 detached single-family homes sold year-to-date, up 18.0 percent compared to 222 detached single-family homes sold in May 2016.  The median sale price in May 2017 was $520,000, up 5.6 percent compared to $492,500 a year ago.

-  Deerfield – 136 detached single-family homes sold year-to-date, up 51.1 percent compared to 90 detached single-family homes sold in May 2016.  The median sales price in May 2017 was $558,750, up 2.1 percent compared to $547,250 a year ago.   

-  Evanston – 172 detached single-family homes sold year-to-date, up 14.7 percent compared to 150 detached single-family homes sold in May 2016.  The median sale price in May 2017 was $482,500, down 1.1 percent compared to $488,000 a year ago.

-  Golf-Glenview – 240 detached single-family homes sold year-to-date, up 29.7 percent compared to 185 detached single-family homes sold in May 2016.  The median sale price in May 2017 was $535,000, up 5.9 percent compared to $505,000 a year ago.

-  Lake Forest – 94 detached single-family homes sold year-to-date, up 6.8 percent compared to 88 detached single-family homes sold in May 2016.  The median sale price in May 2017 was $852,000, up 13.6 percent compared to $750,000 a year ago.

-  Northbrook – 185 detached single-family homes sold year-to-date, up 17.8 percent compared to 157 detached single-family homes sold in May 2016.  The median sale price in May 2017 was $550,000, flat compared to $550,000 a year ago.

-  Skokie – 190 detached single-family homes sold year-to-date, up 6.7 percent compared to 178 detached single-family homes sold in May 2016.  The median sale price in May 2017 was $319,750, down 1.6 percent compared to $325,000 a year ago.

-  Winnetka – 108 detached single-family homes sold year-to-date, up 40.3 percent compared to 77 detached single-family homes sold in May 2016.  The median sale price in May 2017 was $1,037,500, down 3.5 percent compared to $1,075,000 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 3,600 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.

How to Compare HOAs

Homeowner’s Associations (HOAs) are popular throughout much of the country. You’ll find that most condos and townhouses are part of an HOA as well as many single-family homes in subdivisions. When buying a home in an HOA, it’s important to consider more than just the property. Here are three ways you can compare HOAs to ensure you select the right one.

Amenities

The amenities offered by the HOA will be one of the main considerations for buyers. Most HOAs have at least a few basic amenities such as a common area and maintenance. Some have a local park while others include a swimming pool, tennis courts, golf course and other activities.

Part of the amenities include services provided by the association. For example, lawn maintenance is often provided in condo associations while it is not as common in HOAs with single-family homes. Consider which amenities are provided versus which ones you would likely use.

Fees

Tied into the amenities are the annual fees that HOAs charge. The cost of one HOA can drastically differ from another. Often, this is based on the amenities, but maintenance of the property is a contributing factor as well. Typically, these fees pay for repairs and regular maintenance, so HOAs with more amenities and more common areas will probably have higher fees.

Some of the older associations comprised of single family homes may allow the contribution to be voluntary while most newer associations require paying fees. Always ask about all fees before you decide to buy into an association so you can figure this into your budget.

Restrictions

Most HOAs have some rules and regulation to follow. Some are basic, such as upkeep of the lawn or taking in the trash cans. Ohers are more restrictive, such as what color you can paint the exterior of the house or how many trees you can have in the yard. Some associations may even restrict decorations for holidays or limit the number of cars you can park in your driveway.

It’s important to find out about these restrictions before buying a new home. Since you’ll be bound by them, you’ll want to know in advance that they won’t inhibit your enjoyment of the property. For additional information on buying a residence in an HOA community, 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 marksontennis/pixabay.com

Making the Most of a Small Laundry Room

Most homeowners like the idea of having a dedicated laundry room no matter how small – even the tiniest area can be made to work for your needs. Here are some tips to help make laundry easier even if you have minimal space.

Add Shelving

If you have limited floor space, work your way up by utilizing vertical space. Add shelves up to the ceiling. The top shelves can hold seldom-used items while the lower shelves would provide space for laundry supplies. Place baskets on the shelves to keep things organized.

Install a Wall Ironing Board

If you don’t have room for a stand-alone ironing board, consider these two options. First, you can purchase a portable one that folds up and stores in a closet, if you can spare a bit of closet space. Alternately, consider installing a fold-down ironing board on a wall in your laundry room. When it’s folded up against the wall and not in use, it frees space for other items. As a bonus, the board can provide space to fold laundry as well if you don’t have a counter.

Use an Old Entertainment Center

Take an old entertainment center and turn it into laundry storage. Install a bar where the TV would go so you can hang clothes. Place laundry supplies or even folded clothes on the shelves. If you don’t have an entertainment center, use a bookcase or other piece of furniture for creative storage.

Where to Put Dirty Laundry

Instead of using hampers which take up valuable floor space in your laundry room and bedrooms, try laundry mesh bags. Hang them behind the door in the bedrooms for your children or on a hook in the wall until you wash everything.

To make the most of a small laundry space, get creative with the room you do have. Don’t be afraid to make your items do double-duty or find new uses for old items. When you’re finished, you’ll have a laundry room that is fun to use and practical as well. For additional design ideas to enhance your home’s appeal, feel free to 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 ErikaWittlieb/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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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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