December 7, 2023
November Sales Stagnate while Prices Keep Increasing
Minimal Inventory and High Rates Keep Sales Down
NOTE: These stats reflect the month of November 2023.
Northbrook, IL – December 7, 2023 – November maintained its downward trend in units listed and properties sold. Market time was also less favorable in the local markets while the number of new contracts fell. Housing data for November shows that the number of new listings decreased as compared to the same period in 2022. Nonetheless, the median sales rose in some areas as compared to last month. Single-family homes under contract decreased according to the North-Shore Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data shows that new listings decreased by 13.8 percent, down to 299 from 347 a year ago. The number of closed sales also decreased by 20.7 percent for November 2023 as compared to November 2022. The number of homes under contract (contingent and pending) decreased by 28.9 percent. Yet the average sales price has risen by 7.7 percent in 2023 to $994,015 for homes sold in November as compared to $922,877 during the same period last year.
The median sales price was also up 7.7 percent in November to $728,000 as compared to $676,000 during the same period in November 2022. The average listing price increased 6.4 percent with the percentage of the list price to sale price ratio increasing to 98.1 percent as compared to 97.0 percent in November 2022.
The inventory of available homes in the North Shore and Barrington area decreased by 19.1 percent in November, going to 760 from 940 a year ago. The month’s supply for sale has increased by 6.0 percent, now at 3.5 months as compared to 3.3 months supply in November 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year-to-date – 3,721detached single-family homes were sold in the North Shore-Barrington market as compared to 4,879 at the same point last year. The number of communities in the region reporting an increase in home sales for November was less than in November 2022. However, the median sales price increased 2.6 percent on sales in the North Shore and Barrington areas.
– Barrington area – 435 detached single-family homes have sold year-to-date, down 30.3 percent as compared to 624 detached single-family homes sold in 2022. The median sale price in 2023 was $699,000, up 7.5 percent as compared to $650,000 a year ago.
– Deerfield – 248 detached single-family homes have sold year-to-date, down 15.1 percent as compared to 292 detached single-family homes sold in 2022. The median sales price in 2023 was $657,000, up 5.2 percent as compared to $625,000 a year ago.
– Evanston – 317 detached single-family homes have sold year-to-date, down 20.9% as compared to 401 detached single-family homes sold in 2022. The median sale price in 2023 was $697,000, up 3.3 percent as compared to $675,000 a year ago.
– Golf/Glenview – 438 detached single-family homes have sold year-to-date, down 13.3 percent as compared to 505 detached single-family homes sold in 2022. The median sale price in 2023 was $708,000, up 0.6 percent as compared to $703,000 a year ago.
– Lake Forest – 254 detached single-family homes have sold year-to-date, down 29.4 percent as compared to 360 detached single-family homes sold in 2022. The median sale price in 2023 was $1,072,000, down 12.1 percent as compared to $1,220,000 a year ago.
– Northbrook – 308 detached single-family homes have sold year-to-date, down 23.4 percent as compared to 402 detached single-family homes sold in 2022. The median sale price in 2023 was $700,000, up 0.7 percent as compared to $695,000 a year ago.
– Skokie – 306 detached single-family homes have sold year-to-date, down 20.9 percent as compared to 387 detached single-family homes sold in 2022. The median sale price in 2023 was $430,000, up 6.2 percent as compared to $405,000 a year ago.
– Winnetka – 177 detached single-family homes have sold year-to-date, down 23.4 percent as compared to 231 detached single-family homes sold in 2022. The median sale price in 2023 was $1,665,000, up 7.4 percent as compared to $1,550,000 a year ago.
Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).
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.