January 4, 2023
Prices and Sales Dip with Low Inventory at Year End
Consumer Confidence Falls with High Interest Rates and Lack of Properties
NOTE: These stats reflect the month of December 2022.
December continued its downward trend with units listed and properties sold as the market time was less favorable in the local markets and new contracts fell. Housing data for December shows the number of new listings decreased as compared to the same period in 2021. However, the average and median sales price is up in many areas as compared to last month. Homes under contract decreased for single-family home sales according to the North-Shore Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data shows new listings decreased 45.6 percent to 149, down from 274 a year ago. The number of closed sales also decreased 42.4 percent for December 2022 as compared to December 2021. The number of homes under contract (contingent and pending) decreased 48.4 percent. The average sales price is up 20.4 percent in 2022 at $824,989 in homes sold in December as compared to $815,919 for the same period last year.
The median sales price was up 8.3 percent in December, to $650,000 as compared to $600,000 during the same period in December 2021, and the average listing price also increased 1.7 percent with the percentage of the list price to sale price ratio decreasing to 95.8 as compared to 96.4 in December 2021.
The inventory of homes in the North Shore and Barrington area decreased by 28.6 percent in December, as compared to a year ago, going to 735 from 1,030. The month’s supply of homes for sale is decreased 2.9% to 3.3 months as compared to 3.4 months in December 2021.
Across the area region, year-to-date 2022 housing market highlights include:
– Year-to-date – 5,162 detached single-family homes sold in the North Shore-Barrington market as compared to 6,912 for all of 2021. The number of communities in the region reporting an increase in home sales for December was less than in December 2021. The median sales price decreased 8.6 percent on sales in the North Shore and Barrington areas.
– Barrington area – 645 detached single-family homes sold year-to-date, down 29.8 percent as compared to 919 detached single-family homes sold in 2022. The median sale price in 2022 was $655,000, up 5.6 percent as compared to $620,000 a year ago.
– Deerfield – 305 detached single-family homes sold year-to-date, down 37.1 percent as compared to 485 detached single-family homes sold in 2021. The median sales price in 2022 was $630,000, up 4.1 percent as compared to $605,000 a year ago.
– Evanston – 432 detached single-family homes sold year-to-date, down 14.2% as compared to 504 detached single-family homes sold in 2021. The median sale price in 2022 was $672,000, up 6.5 percent as compared to $631,000 a year ago.
– Golf-Glenview – 537 detached single-family homes sold year-to-date, down 30.0 percent as compared to 768 detached single-family homes sold in 2021. The median sale price in 2022 was $700,000, up 4.6 percent as compared to $668,000 a year ago.
– Lake Forest – 380 detached single-family homes sold year-to-date, down 13.6% as compared to 440 detached single-family homes sold in 2021. The median sale price in 2022 was $1,210,425, up 36.9% as compared to $884,000 a year ago.
– Northbrook – 431 detached single-family homes sold year-to-date, down 25.1 percent as compared to 576 detached single-family homes sold in 2021. The median sale price in 2022 was $695,000, up 11.2 percent as compared to $625,000 a year ago.
– Skokie – 414 detached single-family homes sold year-to-date, is down 25.1% as compared to 564 detached single-family homes sold in 2021. The median sale price in 2022 was $400,000, up 1.2 percent as compared to $395,000 a year ago.
– Winnetka – 242 detached single-family homes sold year-to-date, down 28.8% as compared to 340 detached single-family homes sold in 2021. The median sale price in 2022 was $1,537,000, up 17.9 percent as compared to $1,303,000 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.