One year apart, and yet so close. Home sales in the North Shore - Winnetka, Wilmette, Kenilworth, Northfield, and Glencoe stayed steady except for the difference in list price.
Take a look at this chart:
Total home sales were the same. But there is a big improvement in list price verse sell price. Home sellers in the North Shore were more realistic in 2015 and priced their homes better. You can see that the average sale price ends up higher, the ratio of list to sell is better, and the market time is one-third less.
2014 was a year of recovery after the recession and home sellers were eager to recapture home values. However, buyers pushed back and the homes sold for far less. That lesson was not lost on sellers in 2015 and while list prices started lower, the sold prices were higher. If there is too much "fat" in your list price, you will end up with a long market time and ultimately lower price than if you had priced it correctly from the start.
Here is how the market looks today, December 1, 2015:
(under contract = sales with contingencies, pending = sales with cleared contingencies)
Wilmette, generally the most affordable village has the most expensive home for sale currently. And Kenilworth, generally the priciest village has the lowest most expensive home.
I believe that there is ample inventory - at least for this time of year. The spring market is around the corner and these numbers will change dramatically. New homes are being listed everyday through the holidays - and at the same time some sellers are removing their homes from the market now. I suggest against this since buyers are always moving in and you could miss your sale if you're not on the market.
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