North Shore And Barrington Area Home Sales Rise; Median Price Sees Minor Drop In May
Home sale prices in the North Shore and Barrington region decreased for the first time compared to this time last year, while the number of sales continues to steadily rise
Northbrook, IL – July 3, 2015 – (RealEstateRama) — While the number of closed sales and properties under contract continue to steadily rise, the median sales price has slipped in May for the first time this year. According to data from the North Shore – Barrington Association of Realtors (NSBAR), the number of closed sales in May this year compared to this time last year and increased by 1.3 percent to 678. Year-to-date this number is up by 5.2 percent to 2,534.
The amount of properties under contract in May has also increased by 4.7 percent compared to this time last year.
While the median sales price dropped by 2.9 percent to $400,000 compared to May of last year, based on year-to-date information it has increased by 2.6 percent, showing continued signs of market strength.
“We’re seeing a market that is strongly working to benefit sellers as properties are beginning to sell more quickly and often with multiple offers. Year-to-date, we are observing a continued upward trend in the median price for closed sales,” said NSBAR Board President and broker with Realty Advisors North Wayne Paprocki, MCNE, DREI, GRI.
Playing in the buyer’s favor, the inventory of properties for sale increased by 14.1 percent with a total of 3,921 properties compared to 3,435 last year.
“We still need to pay close attention to unemployment in Illinois. According the Bureau of Labor Statistics, Illinois ranked 29th nationally in job creation. New businesses are being created but not enough to replace the larger companies that have evacuated Illinois,” commented NSBAR CEO Steve Volkodav.
Across the North Shore-Barrington region, May 2015 housing market highlights include:
– Year-to-date, 1638 detached single-family homes sold in the North Shore-Barrington market. In the majority of communities, sales for 2015 increased along with the median sale prices. Communities reporting an increase (or no change) in sales year-to-date compared to May 2014 include Barrington area, Deerfield, Evanston, Highland Park, Kenilworth, Lake Bluff, Lincolnshire, Mettawa, Morton Grove, Northbrook and Winnetka.
– Barrington area –190 detached single-family homes sold year-to-date, up 11.1 percent compared to 171 detached single-family homes sold by May 2014. The median sale price in May 2015 was $505,000, a decrease of 1.9 percent compared to $515,000 a year ago.
– Deerfield – 96 detached single-family homes sold year-to-date, up 24.7 percent compared to 77 detached single-family homes sold by May 2014. The median sale price in May 2015 was $535,000, up 8.1 percent compared to $495,000 a year ago.
– Evanston – 167 detached single-family homes sold year-to-date, up 25.6 percent compared to 133 detached single-family homes sold by May 2014. The median sale price in May 2015 was $430,000, down 3.8 percent compared to $447,000 a year ago.
– Golf-Glenview – 154 detached single-family homes sold year-to-date, down 9.4 percent compared to 170 detached single-family homes sold by May 2014. The median sale price in May 2015 was $538,125, up 0.1 percent compared to $537,500 a year ago.
– Lake Forest – 83 detached single-family homes sold year-to-date, down 11.7 percent compared to 94 detached single-family homes sold by May 2014. The median sale price in May 2015 was $725,000, down 9.7 percent compared to $803,250 a year ago.
– Northbrook – 145 detached single-family homes sold year-to-date, up 15.1 percent compared to 126 detached single-family homes sold by May 2014. The median sale price in May 2015 was $540,100, up 10.7 percent compared to $487,750 a year ago.
– Skokie – 153 detached single-family homes sold year-to-date, down 5.0 percent compared to 161 detached single-family homes sold by May 2014. The median sale price in May 2015 was $280,000, up 4.9 percent compared to $267,000 a year ago.
– Winnetka – 74 detached single-family homes sold year-to-date, up 5.7 percent compared to 70 detached single-family homes sold by May 2014. The median sale price in May 2015 was $1,272,500, up 10.7 percent compared to $1,149,500 a year ago.
Sales and price information is generated by NSBAR with Midwest Real Estate Data.
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The North Shore-Barrington Association of REALTORS® (NSBAR) represents more than 3,500 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.
Contact: Sally Blake
(847) 480-7177
