May 12, 2023
April Figures Show No Improvement in Sight
High Mortgage Rates and Home Prices Put Off Many Prospective Homebuyers
NOTE: These stats reflect the month of April 2023.
Northbrook, IL – May 9, 2023 – April continued its downward trend in units listed and properties sold with the market time was less favorable in the local markets and new contracts declining. Housing data for April shows the number of new listings decreased compared to the same period in 2022. The average sales price and median sale price also fell in many areas as compared to last month. The number of single-family homes reported under contract also decreased according to the North-Shore Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data shows that new listings declined 34.8 percent to 558, down from 856 only one year ago. Additionally, the number of closed sales dropped 34.9 percent in April 2023 as compared to April 2022 and the number of homes reporting as under contract (contingent and pending) fell by 25.6 percent. The average sales decreased by 5.8 percent in 2023 to $856,521 for homes sold in April as compared to $909,850 for the same period last year.
The median sales price was lower by 7.4 percent in April, down to $675,000 as compared to $715,000 during the same period in April 2022, and the average listing price also decreased 5.5 percent. However, the percentage of the list price to sale price ratio slightly increased to 99.5 as compared to 99.3 in April 2022.
The inventory of homes available for sale in the North Shore and Barrington areas dropped by 34.7 percent in April as compared to a year ago, going to 914 homes from 1,798. Thus, this month’s supply of homes for sale is down by 11.1% at 3.2 months as compared to 3.6 months in April 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year-to-date – 1,044 detached single-family homes sold in the North Shore-Barrington market as compared to 1,639 homes at the same point last year. The number of communities in the region reporting an increase in home sales for April 2023 was less than in April 2022. The median sales price decreased by 3.7% for sales in the North Shore and Barrington areas.
– Barrington area – 134 detached single-family homes have sold year-to-date, down 39.6% as compared to 222 detached single-family homes sold in 2022. The median sale price in 2023 was $615,000, down 5.4% as compared to $650,000 a year ago.
– Deerfield – 66 detached single-family homes have sold year-to-date, down 27.5% as compared to 91 detached single-family homes sold in 2022. The median sales price in 2023 was $552,000, down 8.0% as compared to $600,000 a year ago.
– Evanston – 95 detached single-family homes have sold year-to-date, down 31.2% as compared to 138 detached single-family homes sold in 2022. The median sale price in 2023 was $628,000, down 1.5% as compared to $637,000 a year ago.
– Golf-Glenview – 115 detached single-family homes have sold year-to-date, down 32.4% as compared to 170 detached single-family homes sold in 2022. The median sale price in 2023 was $701,000, up 0.6% as compared to $697,000 a year ago.
– Lake Forest – 67 detached single-family homes have sold year-to-date, down 49.2% as compared to 132 detached single-family homes sold in 2022. The median sale price in 2023 was $949,000 down by 17.8% as compared to $1,155,000 a year ago.
– Northbrook – 100 detached single-family homes have sold year-to-date, down 20.0% as compared to 125 detached single-family homes sold in 2022. The median sale price in 2023 was $612,000, down 4.3 percent as compared to $640,000 a year ago.
– Skokie – 91 detached single-family homes have sold year-to-date, down 29.5% as compared to 129 detached single-family homes sold in 2022. The median sale price in 2023 was $415,000, up 6.4% as compared to $390,000 a year ago.
– Winnetka – 49 detached single-family homes have sold year-to-date, down 31.9% as compared to 72 detached single-family homes sold in 2022. The median sale price in 2023 was $1,500,000, down 0.4% as compared to $1,506,000 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 3,800 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.