April 19, 2023
March Figures Show No Improvement In Sight
First Quarter Ends With Declining Numbers
NOTE: These stats reflect the month of March 2023.
Northbrook, IL – April 14, 2023 – March continued its downward trend in units listed and properties sold, while the market time was less favorable in the local markets and new contracts fell. Housing data for March indicates the number of new listings decreased as compared to the same period in 2022. Additionally, the average sales price and median sales fell in many 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 new listings decreased 35.0 percent to 529, down from 814 a year ago. The number of closed sales also decreased by 31.7 percent for March 2023 as compared to March 2022. The number of homes under contract (contingent and pending) decreased 33.5 percent. The average sales price is down 11.9 percent in 2023 to $772,205 for homes sold in March as compared to $876,066 for the same period last year.
The median sales price fell by 7.4 percent in March to $625,000 as compared to $675,000 during the same period in March 2022 while the average listing price also decreased 11.0 percent. Nonetheless, the list price to sale price ratio increased to 97.7 percent as compared to 97.2 percent in March 2022.
The inventory of available homes in the North Shore and Barrington area decreased by 49.1 percent in March, going to 914 homes for sale from 1,798 homes a year ago . However, the month’s supply for sale rose by 37.1% to 4.8 months as compared to only 3.5 months of inventory in March of 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year-to-date – 1,030 detached single-family homes sold in the North Shore-Barrington market as compared to 1,612 at the same point last year. The number of communities in the region reporting an increase in home sales for March was less than in March of 2022. The median sales price has decreased 0.7 percent on sales in the North Shore and Barrington areas.
– Barrington area – 84 detached single-family homes sold year-to-date, down 34.9 percent as compared to 129 detached single-family homes which sold in 2022. The median sale price in 2023 was $549,500, down 12.7 percent as compared to $630,000 a year ago.
– Deerfield – 45 detached single-family homes have sold year-to-date, down 22.4 percent as compared to 58 detached single-family homes sold in 2022. The median sales price in 2022 was $554,000, down 6.1 percent as compared to $590,000 a year ago.
– Evanston – 62 detached single-family homes have sold year-to-date, down 35.4% as compared to 96 detached single-family homes sold in 2022. The median sale price in 2023 was $627,000, up 0.2 percent as compared to $626,000 a year ago.
– Golf-Glenview – 76 detached single-family homes have sold year-to-date, down 36.7 percent as compared to 120 detached single-family homes sold in 2022. The median sale price in 2023 was $711,000, up 3.8 percent as compared to $685,000 a year ago.
– Lake Forest – 41 detached single-family homes have sold year-to-date, down 54.9, as compared to 91 detached single-family homes sold in 2022. The median sale price in 2023 is $875,000, down 23.9% as compared to $1,150,000 a year ago.
– Northbrook – 64 detached single-family homes have sold year-to-date, down 22.0 percent as compared to 82 detached single-family homes sold in 2022. The median sale price in 2023 was $595,000, down 6.0 percent as compared to $633,000 a year ago.
– Skokie – 61 detached single-family homes have sold year-to-date, down 30.7% as compared to 88 detached single-family homes sold in 2022. The median sale price in 2023 is $415,000, up 7.5 percent as compared to $386,000 a year ago.
– Winnetka – 29 detached single-family homes have sold year-to-date, down 42.0% as compared to 50 detached single-family homes sold in 2022. The median sale price in 2023 was $1,385,000, down 1.6 percent as compared to $1,470,500 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 3,800 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.