March 18, 2023
Prices and Sales Dip as Spring Approaches
The Market Continues to Cool with Uncertainty in the Economy
NOTE: These stats reflect the month of February 2023.
Northbrook, IL – February continued its downward trend in units listed and properties sold with market times were less favorable in the local markets and new contracts decreasing. Housing data for February shows the number of new listings diminished as compared to the same period in 2022. However, the average sales price has increased while the median sale prices fell in many areas compared to January. Homes under contract decreased in the single-family home sales according to the North-Shore Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data shows new listings decreased 30.4 percent to 398, down from 572 a year ago. The number of closed sales also decreased by 39.5 percent for February 2023 as compared to February 2022. The number of homes under contract (contingent and pending) decreased 36.8 percent. Yet, the average sales price is up 1.5 percent in 2023 to $810,446 for homes sold in February as compared to $798,014 for the same period last year.
The median sales price was down 0.6 percent in February to $591,000 as compared to $595,000 during the same period in February 2022, while the average listing price increased 0.9 percent and the percentage of the list price to sale price ratio also rose to 97.7 as compared to 97.2 in February 2022.
The inventory of homes for sale in the North Shore and Barrington area decreased by 49.1 percent in February as compared to a year ago, declining to 914 from a much higher 1,798 in February 2022. The month’s supply for sale has increased 35.1% to 5.0 months compared to 3.7 months in February 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year-to-date – 383 detached single-family homes sold in the North Shore-Barrington market as compared to 647 at the same point last year. The number of communities in the region reporting an increase in home sales for February was less than in February 2022. The median sales price decreased 0.6 percent on sales in the North Shore and Barrington areas.
– Barrington area – 50 detached single-family homes sold year-to-date, down 33.3 percent compared to 75 detached single-family homes sold in 2022. The median sale price in 2023 was $529,500, down 15.4 percent compared to $625,000 a year ago.
– Deerfield – 24 detached single-family homes sold year-to-date, down 41.5 percent compared to 41 detached single-family homes sold in 2022. The median sales price in 2022 was $612,000, up 6.5 percent as compared to $575,000 a year ago.
– Evanston – 31 detached single-family homes sold year-to-date, down 41.5% as compared to 53 detached single-family homes sold in 2022. The median sale price in 2023 was $685,000, up 17.1 percent compared to $585,000 a year ago.
– Golf/Glenview – 41 detached single-family homes sold year-to-date, down 44.6 percent as compared to 74 detached single-family homes sold in 2022. The median sale price in 2023 was $650,000, up 1.2 percent compared to $642,000 a year ago.
– Lake Forest – 25 detached single-family homes sold year-to-date, down 56.1%, compared to 57 detached single-family homes sold in 2022. The median sale price in 2023 was $1,092,000, down 11.0% as compared to $1,226,000 a year ago.
– Northbrook – 40 detached single-family homes sold year-to-date, down 11.1 percent as compared to 45 detached single-family homes sold in 2022. The median sale price in 2023 was $537,000, down 10.4 percent compared to $600,000 a year ago.
– Skokie – 29 detached single-family homes sold year-to-date, down 42.0% as compared to 50 detached single-family homes sold in 2022. The median sale price in 2023 was $409,000, up 6.2 percent as compared to $385,000 a year ago.
– Winnetka – 15 detached single-family homes sold year-to-date, down 50.0% compared to 30 detached single-family homes sold in 2022. The median sale price in 2023 was $1,805,000, up 47.3 percent as compared to $1,225,000 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.