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22 Mar

Chicago’s North Shore Market….

21 Mar

The North Shore market continues to be hot.  From January 1 to March 15, more homes have gone under contract on the North Shore than in any year since 1998 – and this trend shows no signs of abating.  This market firmly establishes that homes will sell, but the primary question on seller’s minds, understandably, is “But, how much are prices rising?”

We are beginning to see a turn around in pricing, but it is important to keep in mind that Closed prices reflect the market as it was when the contract is written – which could be 60 days or more before closing.  So a home that went under contract in November, before the current market upturn, will most likely have a lower sold price than a home that goes under contract today.  So, please keep in mind that market appreciation could well be greater than any stats we might pull.

That said, the median sale price on the North Shore for the period from Jan. 1 to March 15 is up 4% over the same period last year.  Going back several years, the stats are as follows:

January 1 – March 15, Closed Listings

Year Number Closed Median Sale Price
2007 414 $675,000
2008 299 $615,000
2009 237 $520,000
2010 387 $540,000
2011 345 $490,000
2012 380 $419,000
2013 444 $435,750

One more thing to remember, even though prices will continue to rise, it is apparent from the table above that we still have a long way to go before they are at pre-recession levels.

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