The good news is that the trend I noted for both Highland Park and Northbrook is also true for Deerfield. That is, sales in the past three months appear to be stronger than the prior three months.
Here is how it breaks down...
During the past 6 months 45 homes sold for under $1.2 million in Deerfield. Seventy five percent of those sales (34) were in the past 3 months - so there is a good trend here. With 162 homes currently on the market for under $1.2 million, this means it could take over 14 months for all of these homes to sell (162 divided by the 3-month sales rate of 11.3 homes per month (34/3 = 7.5)). For Highland Park inventory for homes in this price range is around 10 months, and it is even lower in Northbrook. So if the sales rates stay the same, it could take longer for Deerfield to "recover" from the high inventory levels that we are seeing. Over 80% of Deerfield homes currently for sale fall into this price range.
There were a total of 9 luxury homes sold (priced over $1.2 million) in Deerfield in the past 6 months; 5 of those sold in the past 3 months. So the three-month sales rate is 1.5 homes per month. With 43 homes on the market in this price range, there is over 28.5 months of inventory. Highland Park and Northbrook inventory levels are higher with over 30 months of inventory for luxury homes in both areas.
Please keep in mind that all of this "analysis" that I am providing assumes that the sales rates stay the same as they have been for the past three months. We can see from looking at the full 6-month period, that the sales rates are not static. This is just a snapshot in time, and it provides a way to compare what has been going on in each of these suburbs on the north shore. It is not particularly a prediction of what is going to happen.
I hope that you find this info useful. I will continue to look at more of the suburbs on the North Shore as time permits. I'd plan to take a look at the condo stats as well. I am actually working with several buyers right now, and my time with clients (buyers and sellers) takes priority over blogging!!
Thanks for reading!! Your comments, questions, requests are welcome.
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