North Shore Chicago Real Estate Data - November 2012
November home sales increased 32% on Chicago’s North Shore vs. year ago. The largest growth was in two of the communities with the lowest median home prices: Evanston (+100%) and Glenview (+61%). These two communities represented 50% of all single family home sales on the North Shore in the month of November.
A Lack of Inventory in the “Sweet Spot”
Wilmette and Winnetka home sales actually declined in November, more due to lack of inventory of homes for sale than to lack of demand. Wilmette only has 4.3 months supply vs. the 6 months there would be in a “normal” market. As a result, well-priced homes in good condition are selling quickly, with market time down to under two months.
Winnetka has 8.6 months of supply overall , but closer inspection of the numbers reveals that there are only 4.6 months of inventory under $2,000,000, while there is over 40 months supply of homes over $2,000,000 (given the the current rate of sale). Only one of the 45 homes listed over $2,000,000 has sold in the last three months.
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