February 13, 2023
The 2023 Market Starts Off Cold With Low Inventory and Sales
Lack of Listings Brings Lower Sales Numbers
NOTE: These stats reflect the month of January 2023.
Northbrook, IL – January continued its downward trend in units listed and properties sold while the market time was less favorable in the local markets and new contracts fell. Housing data for January shows the number of new listings decreased compared to the same period in 2022. However, the average sales price is up while the median sales prices fell in many areas 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 28.6 percent to 357, down from 500 a year ago. The number of closed sales decreased 42.7 percent for January 2023 compared to January 2022. The number of homes under contract (contingent and pending) decreased 45.3 percent. The average sales price is up 17.8 percent in 2023 at $984,176 in homes sold in January as compared to $835,728 for the same period last year.
The median sales price was down 0.8 percent in January to $642,500 as compared to $648,000 during the same period in January 2022, but the average listing price increased 18.5 percent with the percentage of the list price to sale price ratio decreasing to 96.6 as compared to 97.2 in January 2022.
The inventory of homes in the North Shore and Barrington area decreased by 28.6 percent in January, compared to a year ago, going to 735 from 1,030 homes. The month’s supply for sale is also down by 19.3% to 4.6 months as compared to 5.7 months in January 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year-to-date, 188 detached single-family homes sold in the North Shore-Barrington market compared to 328 for January 2023. The number of communities in the region reporting an increase in home sales for January was less than in January 2022. The median sales price decreased 0.8 percent on sales in the North Shore and Barrington areas.
– Barrington area – 24 detached single-family homes sold year-to-date, down 45.5 percent as compared to 44 detached single-family homes sold in 2022. The median sale price in 2023 was $526,500, down 18.3 percent as compared to $644,000 a year ago.
– Deerfield – 14 detached single-family homes sold year-to-date, down 22.2 percent as compared to 18 detached single-family homes sold in 2022. The median sales price in 2022 was $675,000, up 22.0 percent as compared to $553,000 a year ago.
– Evanston – 20 detached single-family homes sold year-to-date, down 37.5% as compared to 32 detached single-family homes sold in 2022. The median sale price in 2023 was $745,000, up 16.9 percent as compared to $637,000 a year ago.
– Golf-Glenview – 17 detached single-family homes sold year-to-date, down 43.3 percent as compared to 30 detached single-family homes sold in 2022. The median sale price in 2023 was $800,000, up 25.6 percent as compared to $637,000 a year ago.
– Lake Forest – 13 detached single-family homes sold year-to-date, down 58.1% as compared to 31 detached single-family homes sold in 2022. The median sale price in 2023 was $1,180,000 down 10.5% as compared to $1,318,000 a year ago.
– Northbrook – 18 detached single-family homes sold year-to-date, down 18.2 percent compared to 22 detached single-family homes sold in 2022. The median sale price in 2023 was $582,000, down 1.4 percent as compared to $591,000 a year ago.
– Skokie – 13 detached single-family homes sold year-to-date, down 48.0% as compared to 25 detached single-family homes sold in 2022. The median sale price in 2023 was $425,000 and is up 18.1 percent compared to $360,000 a year ago.
– Winnetka – 11 detached single-family homes sold year-to-date, down 21.4% as compared to 14 detached single-family homes sold in 2022. The median sale price in 2023 was $2,050,000 up 90.7 percent as compared to $1,075,000 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.