June 17, 2023
Inventory Numbers Stay Tight
Local Market Numbers Remain Stagnant
NOTE: These stats reflect the month of May 2023.
Northbrook, IL – June 7, 2023 – May continued its downward trend in units listed and properties sold with the market time was less favorable in the local markets. Additionally, the number of new contracts fell. Housing data for May shows the number of new listings decreased as compared to the same period in 2022. The average and median sale price fell in many areas as compared to last month. The number of 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 31.5 percent to 647, down from 945 a year ago. The number of closed sales also decreased 22.7 percent for May 2023 as compared to May 2022. The number of homes under contract (contingent and pending) decreased 22.7 percent. However, the average sales price is up 0.2 percent in 2023 to $895,036 for homes sold in May as compared to $893,380 during the same period last year.
The median sales price was up 3.4 percent in May, to $739,000 as compared to $715,000 during the same period in May 2022, and the average listing price increased 2.2 percent with the percentage of the list price to sale price ratio decreasing to 97.0 as compared to 101.1 in May 2022.
The inventory of available homes in the North Shore and Barrington area decreased by 34.7 percent in May as compared to a year ago, going to 1,185 from 1,775. The month’s supply of homes for sale is down at 3.2% to 3.1 months compared to 3.2 months in May 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year-to-date – 1,467 detached single-family homes have sold in the North Shore-Barrington market as compared to 2,191 at the same point last year. The number of communities in the region reporting an increase in home sales for May was less than in May 2022. The median sales price decreased 0.1 percent on sales in the North Shore and Barrington areas.
– Barrington area – 183 detached single-family homes have sold year-to-date, down 35.5 percent as compared to 284 detached single-family homes sold in 2022. The median sale price in 2023 is $615,000, down 6.7 percent as compared to $660,000 a year ago.
– Deerfield – 101 detached single-family homes have sold year-to-date, down 22.9 percent as compared to 131 detached single-family homes sold in 2022. The median sales price in 2023 is $591,000, down 2.3 percent as compared to $605,000 a year ago.
– Evanston – 137 detached single-family homes have sold year-to-date, down 24.7% as compared to 182 detached single-family homes sold in 2022. The median sale price in 2023 is $650,000, down 0.3 percent compared to $652,000 a year ago.
– Golf-Glenview – 169 detached single-family homes sold year-to-date, down 29.3 percent as compared to 239 detached single-family homes sold in 2022. The median sale price in 2023 is $708,000, up 1.2 percent as compared to $699,000 a year ago.
– Lake Forest – 95 detached single-family homes have sold year-to-date, down 44.4% as compared to 171 detached single-family homes sold in 2022. The median sale price in 2023 is $1,055,000, down 8.2% as compared to $1,150,000 a year ago.
– Northbrook – 133 detached single-family homes have sold year-to-date, down 18.9 percent as compared to 164 detached single-family homes sold in 2022. The median sale price in 2023 is $670,000, up 3.4 percent as compared to $648,000 a year ago.
– Skokie – 121 detached single-family homes have sold year-to-date, down 27.5% as compared to 167 detached single-family homes sold in 2022. The median sale price in 2023 is $425,000, up 8.9 percent as compared to $396,000 a year ago.
– Winnetka – 66 detached single-family homes have sold year-to-date, down 37.1% as compared to 105 detached single-family homes sold in 2022. The median sale price in 2023 is $1,471,000, up 0.7 percent as compared to $1,470,000 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 3,800 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.