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Real Estate Update from Allyson Hoffman

New Listings Up in North Shore and Barrington

 


 

 

Sales Prices Rise and So Do Listings

Northbrook, IL – September 19, 2018 – Housing prices rose as the summer selling season begins to close, and prices go up, reversing last month’s trend.  Housing data for August shows the number of new listings rose slightly while closed sales declined slightly compared to the same period in 2017, as well as houses under contract.  The largest increase was in the number of new listings, according to the North-Shore Barrington Association of REALTORS® (NSBAR).

NSBAR’S latest data shows new listings increased 13.3 percent to 1,149 up from 1,014 a year ago. The number of closed sales decreased 1.6 percent to 494 for August 2018 compared to 502 in August 2017.  The number of homes under contract (contingent and pending) decreased 4.8 percent. The average sales price is up 5.7 percent in 2018 at $751,551 in homes sold in August compared to $711,311 for the same period last year.

The median sales price was up 7.0 percent in August, up to $600,000 compared to $560,500 during the same period in August 2017, and the average listing price decreased 6.2 percent with the percentage of the original list price to sale price ratio remaining the same at 91.8 compared to 91.8 in August 2017.

The inventory of homes in the North Shore and Barrington area increased by 2.0 percent in August, compared to a year ago, going from 3,721 to 3,649. The month’s supply for sale is the same at .69 percent compared to 6.9 months in August 2017.

Across the area region, year-to-date 2018 housing market highlights include:

- Year-to-date3,595 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 August was somewhat less than in August 2017.  The median sales price increased 0.1 percent on sales in the North Shore and Barrington areas.  Nearly all the communities have either minor gains or losses in their median price compared to August 2017. 

-  Barrington area – 374 detached single-family homes sold year-to-date, down 21.6 percent compared to 477 detached single-family homes sold in August 2017.  The median sale price in August 2018 was $475,000, down 8.8 percent compared to $525,000 a year ago.

-  Deerfield – 237 detached single-family homes sold year-to-date, up 8.7 percent compared to 218 detached single-family homes sold in August 2017.  The median sales price in August 2018 was $530,000, down 9.0 percent compared to $582,500 a year ago.

 -  Evanston – 329 detached single-family homes sold year-to-date, down 1.5% as compared to 334 detached single-family homes sold in August 2017.  The median sale price in August 2018 was $559,000, up 1.6 percent compared to $550,000 a year ago.

-  Golf-Glenview – 379 detached single-family homes sold year-to-date, down 10.4 percent compared to 423 detached single-family homes sold in August 2017.  The median sale price in August 2018 was $570,000, up 1.8 percent compared to $560,000 a year ago.

-  Lake Forest – 206 detached single-family homes sold year-to-date, up 3.5 percent compared to 199 detached single-family homes sold in August 2017.  The median sale price in August 2018 was $838,750, down 1.2 percent compared to $849,000 a year ago.

-  Northbrook – 307 detached single-family homes sold year-to-date, down 11.3 percent compared to 346 detached single-family homes sold in August 2017.  The median sale price in August 2018 was $580,000, up 4.7 percent compared to $554,000 a year ago.

-  Skokie – 318 detached single-family homes sold year-to-date, down 2.2 percent compared to 325 detached single-family homes sold in August 2017.  The median sale price in August 2018 was $343,750, up 5.6 percent compared to $325,000 a year ago.

-  Winnetka – 184 detached single-family homes sold year-to-date, down 12.2 percent compared to 201 detached single-family homes sold in August 2017.  The median sale price in August 2018 was $1,137,498, down 1.1 percent compared to $1,150,000 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 3,700 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.

Listing a Home in the Autumn

Next to spring, fall is the most ideal time of the year to put your house on the market.  Autumn has proven to be the second busiest time of the year for home sales nationwide.  Traditionally, inventory of homes for sale in the fall is lower, so if you have your home appropriately priced and staged for the season, it is likely to sell.

Currently low mortgage rates create strong incentive to purchase and coupled with decreased inventory, listing your home now increases the odds of selling before winter arrives.

To enhance your fall home sale opportunities, here are some simple tips and techniques for listing your home in the autumn:

Decorate for the season

Celebrate autumn beauty by using seasonal decorations.  Try adding “punch” to your fall curb appeal with colorful pumpkins of various sizes and hues.  Also consider hardy mums, the perfect replacements to summertime flowers, which come in a variety of colors and sizes.  Mix and match them and strategically place or plant them in your frontyard to capture the attention of potential buyers. 

Maximize lighting, both indoors and out

With daylight hours shortening, the addition of exterior lighting to walkways, driveways, trees, and entrances will enhance outside appeal even as darkness falls.  Utilize your hard-wired exterior lighting fixtures and consider adding other illuminating accents as well. Because potential buyers continue their home search in the evening hours, be sure to show off your home’s best appeal at night through the use of strategically placed lighting.   

To maximize your interior lighting, open all shades and blinds prior to all daytime showings and turn on all lights -- both overhead and lamps.  Buyers prefer homes that are light and bright.

Provide year-round photos

To show your home’s year round beauty and help buyers envision its potential in all seasons, use summer photos with your flowers in full bloom and lush green grass, winter photos with a fluffy layer of clean white snow, and seasonally-appropriate photos for your current main listing photo.  Fall colors provide a special appeal to most pictures.

Spruce up the yard

The outside of your home is the first area that a buyer will see, and its condition will impact the initial reaction to your home.  Looking good is critical, so be sure to maintain your yard and garden beds by raking up the leaves … and don’t overlook the driveway and walkway. For added appeal, remove dead flowers, plants, or bushes and add a layer of fresh mulch to your beds. These basic tasks will help to ensure that buyers’ initial reaction to your home is positive and inviting.

Pleasant fall weather entices people to get out and enjoy the temperate air before the cold sets in. So if you have been contemplating listing your home, take advantage of the fall season to make that move. For additional information regarding a customized plan to sell your home in the fall, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, and/or help you determine the value of your home.

Photo courtesy of Alexas_Photos/Pixabay.com

Factoring Livability into Your Move

There are a multitude of different lifestyles for homebuyers to choose and that choice typically depends on needs, likes and stage of life whether young, single, professional, married, retired or empty-nester … amongst others.

Regardless of these differences between folks, their choices center around the concept of livability as it contributes to their quality of life.  This may include area attributes such as availability to transportation and medical care, the climate, education opportunities, access to business, crime/safety/political stability considerations or even proximity to natural beauty.

For information regarding choices on where to live in the future many, people rely upon websites like www.livability.com or www.areavibes.com. It’s important to keep in mind, however, that polls or statistics may be skewed or cater to specific buyer profiles that are not compatible with yours. So if you plan a cross-country move, in-depth research is always important.  Be sure to check out area ratings with accessible details providing ample data to assist in making an informed decision on where to live.

Determine which factors are most important to you including area amenities, cost of living and/or housing choices.  With this insight and your research, you’ll be better equipped to assess livability considerations that will lead you to an appropriate decision about where to live.

For information regarding Chicago’s North Shore, North and Northwest suburban communities and the facts you may need to decide if one of those is a match for your needs, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, and/or help you find your dream home.

Image courtesy of mendhak/Flickr.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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