The North Shore 2016 real estate market is a conundrum.
For the North Shore region, inventory is up 2.8% over last year, the number of sales is up to a greater extent (6%!) , however, days on market has increased 11% and the median sold price remains the same, at $560,000.
The number of accepted contracts for the entire region has flown above the frenzied numbers of 2013, a trend that started in April, not unusual, considering the cyclical nature of the real estate market, with the spring selling season being typically the busiest. These numbers remain deceptive, however, as not all towns are experiencing the same exceptional results.
For June 2016, Northbrook, Glenview and Winnetka posted very strong sales, all at 5-year highs!
Inventory levels are also rising. The market has absorbed these rising numbers in the lower price ranges (generally below $699,000), resulting in a relatively strong sellers’ market in Evanston, Highland Park, Skokie, Northfield, Northbrook, Deerfield and Lincolnshire.
The over $1,000,000 market remains exceptionally weak, with growing inventories and low sales in most of the North Shore communities, though Evanston stands out as an exceptionally strong sellers’ market all the way to the $1,500,000 and above range. This reflects a national trend as individuals with significant financial assets have pulled back spending in the face of global economic uncertainty.
Although inventory levels in the over $1,000,000 market are concerning, the actual stats reflect much of the mixed message of the rest of our real estate market, but at more pronounced levels:
Closed Units: 343, up 7.2% over 2015
Average Market Time: 174 days, up 19% over 2015
Median Sold Price: $1,325,000, down slightly by .6% over 2015
More than ever, know your market – especially your local community–contact me any time for that information.