.

Prices Up, Demand Increases for Homes on North Shore

Supply and demand is no different in the housing market – and definitely not in Barrington and across the North Shore where home inventory is scarce and a buying public is actively seeking to make these two regions their home –and offering top dollar to do so, reports the North Shore-Barrington Association of REALTORS® (NSBAR) in its March housing report release.

“We have buyers who are actively seeking specific communities for their needs.  Some driven by school selection, others by location – all interested in buying now while interest rates remain historically low,” said REALTOR Jim Votanek, president of the North Shore-Barrington Association of REALTORS® (NSBAR) and broker associate with @properties, Libertyville.

Buyers are actively took even the Chicagoland area’s coldest winter to heart and sought out homes right for them, as inventory remains lower than usual. People who closed in March likely went under contract in January or February – and brought forth strong offers which ultimately increased the median price for homes in many communities. 

Among the many examples, cities like Highland Park had 55 detached single-family homes for sale through March 2014, versus 69 in the same period last year, a 20.3 percent decrease. The market’s steady recovery, paired with an inventory shortage, brought the median price up 21.2 percent up to $475,000 in March 2014 from $392,000 a year ago.

Votanek noted, “Prospective buyers today really should have their ‘financial house’ in order, and then make an offer with confidence.  This is more than just a pre-approval letter from a lender – but all supporting financial documentation and down payment monies accounted for. The purchase offer most likely to be accepted is the one that isn’t necessarily the highest in price, but the one that looks the strongest.

“The North Shore and Barrington communities remain cornerstones of the local market for steady and healthy long-term investments for those looking to make one of our suburbs their home,” Votanek added.

Across the North Shore-Barrington region, March 2014 housing market highlights included:

-          Barrington area - 95 detached single-family homes sold year-to-date, up 2.2 percent compared to 93 detached single-family homes sold year-to-date in March 2013. The median 2014 year-to-date sale price in March was $485,000, down 3 percent compared to $500,000 in March 2013.

-          Evanston - 54 detached single-family homes sold year-to-date, down 19.4 percent compared to 67 detached single-family homes sold year-to-date in March 2013. The median year-to-date 2014 sale price in March was $414,500, down 4.7 percent compared to $435,000 in March 2013.

-          Golf-Glenview – 75 detached single-family homes sold year-to-date, down 5.1 percent compared to 79 detached single-family homes sold year-to-date in March 2013. The median 2014 year-to-date sale price in March was $570,000, up 34.1 percent compared to $425,000 in March 2013.

-          Lake Forest –53 detached single-family homes sold year-to-date, up 10.4 percent compared to 48 detached single-family homes sold year-to-date in March 2013. The median 2014 year-to-date sale price in March was $816,500, up 1.7 percent compared to $802,500 in March 2013.  

-          Northbrook – 68 detached single-family homes sold year-to-date, down 9.3 percent compared to 75 detached single-family homes sold year-to-date in March 2013. The median 2014 year-to-date sale price in March was $476,800, up 6.8 percent compared to $446,285 in March 2013.

-          Wilmette - 56 detached single-family homes sold year-to-date, up 51.4 percent compared to 37 single-family homes sold year-to-date in March 2013. The median 2014 year-to-date sale price in March was $615,000, up 11.8 percent compared to $550,000 in March 2013. 

-          Winnetka - 25 detached single-family homes sold year-to-date, up 25 percent compared to 20 single-family homes sold year-to-date in March 2013. The median 2014 year-to-date sale price in March was $970,000, the same as in March 2013. 

Sales and price information is generated by NSBAR with Midwest Real Estate Data. 

The North Shore-Barrington Association of REALTORS® (NSBAR) represents more than 3,300 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.

 

 

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »