September 16, 2023
Housing Market Remains Weak
Higher Interest Rates Lead to Less Buyers and Sellers
NOTE: These stats reflect the month of August 2023.
Northbrook, IL – September 7, 2023 – August continued its downward trend in numbers of units listed and properties sold. Additionally, the market time was less favorable in the local markets and new contracts fell. Housing data for August shows the number of new listings decreased as compared to the same period in 2022. The median sale prices rose in many areas as compared to last month. The number of single-family homes under contract also decreased according to the North-Shore Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data shows that the number of new listings decreased 14.7 percent, going to 501 from 587 a year ago. Not surprisingly, the number of closed sales also decreased 18.4 percent for August 2023 as compared to August 2022 and the number of homes under contract (contingent and pending) decreased 6.2 percent. The average sales price has fallen by 6.4 percent in 2023 to $931,517 for homes sold in August as compared to $995,483 during the same period last year.
Median sales price increased by 0.3 percent in August to $747,500 as compared to $745,000 during the same period in August 2022. Yet the average listing price decreased 7.5 percent with the percentage of the list price to sale price ratio increasing to 98.5 as compared to 97.5 in August 2022.
The inventory of homes in the North Shore and Barrington area has decreased by 22.0 percent in August as compared to a year ago, going from 1,322 to 1,031 homes for sale. Correspondingly, the month’s supply of available homes for sale has dropped by 13.7% reaching only 2.5 months of inventory as compared to 2.9 months in August 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year-to-date – 2,860 detached single-family homes were sold in the North Shore-Barrington market as compared to 3,880 at the same point last year. The number of communities in the region reporting an increase in home sales for August was also less than in August 2022. The median sales price increased 1.8 percent for sales in the North Shore and Barrington areas.
– Barrington area – 332 detached single-family homes have sold year-to-date, down 33.7 percent as compared to 501 detached single-family homes sold in 2022. The median sale price in 2023 was $669,000, up 0.1 percent as compared to $668,000 a year ago.
– Deerfield – 194 detached single-family homes have sold year-to-date, down 17.8 percent as compared to 236 detached single-family homes sold in 2022. The median sales price in 2023 was $627,000, up 1.1 percent as compared to $620,000 a year ago.
– Evanston – 243 detached single-family homes have sold year-to-date, down 22.4% as compared to 313 detached single-family homes sold in 2022. The median sale price in 2023 was $710,000, up 1.4 percent as compared to $700,000 a year ago.
– Golf-Glenview – 334 detached single-family homes sold year-to-date, down 18.5 percent compared to 410 detached single-family homes sold in 2022. The median sale price in 2023 was $750,000, up 5.0 percent as compared to $714,000 a year ago.
– Lake Forest – 197 detached single-family homes have sold year-to-date, down 32.1 percent as compared to 290 detached single-family homes sold in 2022. The median sale price in 2023 was $1,075,000, down 10.2% as compared to $1,197,000 a year ago.
– Northbrook – 239 detached single-family homes sold year-to-date, down 32.1 percent compared to 310 detached single-family homes sold in 2022. The median sale price in 2023 was $701,000, up 1.7 percent as compared to $690,000 a year ago.
– Skokie – 234 detached single-family homes have sold year-to-date, down 19.9 percent as compared to 292 detached single-family homes sold in 2022. The median sale price in 2023 was $430,000, up 4.7 percent as compared to $411,000 a year ago.
– Winnetka – 143 detached single-family homes have sold year-to-date, down 26.7 percent as compared to 195 detached single-family homes sold in 2022. The median sale price in 2023 was $1,585,000, down 2.2 percent as compared to $1,620,000 a year ago.
Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).
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