August 15, 2023
Housing Inventory Still a Challenge
Opportunities Still Available in Tight Market
NOTE: These stats reflect the month of July 2023.
Northbrook, IL – August 7, 2023 – July continued its downward trend in units listed and properties sold while the market time was less favorable in the local markets and the numbers of new contracts fell. Housing data for July shows the number of new listings decreased compared to the same period in 2022. However, the average sales and median sale prices rose in many areas as compared to last month. Single-family home sales under contract also decreased according to the North-Shore Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data indicates that new listings decreased by 26.5 percent to 544, down from 740 a year ago. Additionally, the number of closed sales decreased 12.7 percent in July 2023 as compared to July 2022. The number of homes under contract (contingent and pending) decreased 22.4 percent. In contrast, the average sales price is up 12.0 percent in 2023 to $997,315 for homes sold in July as compared to $890,455 during the same period last year.
The median sales price was up 5.4 percent in July, to $750,000 as compared to $711,000 during the same period in July 2022 while the average listing price also increased 12.8 percent. Interestingly, the percentage of the list price to sale price ratio decreased to 99.7 as compared to 100.0 in July 2022.
The inventory of available homes in the North Shore and Barrington area dropped by 25.1 percent in July as compared to a year ago, going to 1,096 homes from 1,465. The month’s supply of homes for sale is also down 6.2%, now at 3.0 months, as compared to 3.2 months in July 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year-to-date – 2,209 detached single-family homes were sold in the North Shore-Barrington market as compared to 3,553 at the same point last year. The number of communities in the region reporting an increase in home sales for July was less than in July 2022. The median sales price increased 8.3 percent for sales in the North Shore and Barrington areas.
– Barrington area – 252 detached single-family homes have sold year-to-date, down 44.6 percent as compared to 455 detached single-family homes sold in 2022. The median sale price in 2023 was $648,000, down 4.0 percent as compared to $675,000 a year ago.
– Deerfield – 134 detached single-family homes have sold year-to-date, down 19.2 percent as compared to 166 detached single-family homes sold in 2022. The median sales price in 2023 was $583,000, down 2.0 percent as compared to the median price of $595,000 a year ago.
– Evanston – 193 detached single-family homes have sold year-to-date, down 33.4% as compared to 290 detached single-family homes sold in 2022. The median sale price in 2023 was $720,000, up 2.9 percent as compared to $700,000 a year ago.
– Golf-Glenview – 263 detached single-family homes have sold year-to-date, down 30.2 percent as compared to 377 detached single-family homes sold in 2022. The median sale price in 2023 was $715,000, down 2.1 percent as compared to $730,000 a year ago.
– Lake Forest – 153 detached single-family homes have sold year-to-date, down 37.8 percent as compared to 246 detached single-family homes sold in 2022. The median sale price in 2023 was $1,050,000 down 9.1% compared to $1,155,000 a year ago.
– Northbrook – 187 detached single-family homes have sold year-to-date, down 34.6 percent as compared to 286 detached single-family homes sold in 2022. The median sale price in 2023 was $720,000, up 3.6 percent as compared to $695,000 a year ago.
– Skokie – 184 detached single-family homes have sold year-to-date, down 33.6% as compared to 277 detached single-family homes sold in 2022. The median sale price in 2023 was $429,000, up 3.5 percent as compared to $415,000 a year ago.
– Winnetka – 106 detached single-family homes have sold year-to-date, down 40.4% as compared to 178 detached single-family homes sold in 2022. The median sale price in 2023 was $1,513,000, down 11.0 percent as compared to $1,700,000 a year ago.
Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).
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