The Low Hanging Fruit Has Been Picked From The Vine

As is the case in much of the country, the Winnetka, Wilmette, Glencoe and Kenilworth markets are experiencing a very small inventory of fresh, well-priced, new listings.  We are seeing competitively priced properties in move-in condition, selling in a matter of a few days, often with multiple offers.  The best barometer of changes in true market value is looking at resales of recently sold homes.  For many of those few homes that sold in the last year or two and are returning to the market this spring, we are commonly seeing prices that are equal to or higher than the earlier transaction.  

Most of the low hanging fruit has been picked from the vine.

This is a pretty good indication that the bottom of the North Shore market is now being seen in the rear view mirror.  To further complicate matters, in the towns where the inventory of homes for sale has dried up, there is a dearth of rentals available.  The rentals that are becoming available are being coveted like precious gems...with a value to match.  If it was their Plan B, the rental option is off the table for many.

(photo courtesy of moonstarsandpaper.blogspot.com)

In spite of these circumstances, the buyers are out en masse.  And it’s all kinds of buyers in all kinds of circumstances.  Of course there are the RELO buyers.  There are also young families from the city, who are finally selling their condos and townhouses...having been unable to do so in previous years.  It is families who moved to the North Shore a few years ago and felt that renting was a better option while sitting out the real estate slide.  It is empty nesters who had been hesitant to downsize during the troubled years because they were afraid to put their own houses on the market.  The biggest surprise is that we are once again seeing current Winnetka and Wilmette residents who always had their eye on the house down the street or around the corner and need some more room as their families are getting older and bigger.  While all of the buyers don’t necessarily fall into one of these categories, in effect, the buyer pool covers the scope of all the demographics for people who might be seeking a North Shore home. We are even beginning to see some purchases of  higher end condos.

In some of the neighboring towns such as Glencoe, Kenilworth,Northfield, Highland Park, Glenview and Northbrook, the full force of the frenzy has yet to hit, but as the choices become more and more limited in some areas, buyers will recognize that they will need to expand their geographic focus if they want to make the transition to the North Shore.

Buyers who have been circling a property for a while and have been waiting for the right moment to pounce, may very well find themselves sitting on the outside looking in.  Ask some of the buyers who were not the successful bidders in multiple offer situations.  

There are still some well-priced North Shore properties available, but a buyer must be in a position to act quickly and deliberately if they want to participate in this year’s market.