I looked at all new construction single family homes in Deerfield, Highland Park, Northbrook and Glenview, for the 24 weeks ending June 1^st 2008 (MLS data only). 

PRICE:  the median price during the most recent 12 weeks was $1,233,000.  This is higher than it was during the prior 12 weeks at $964,000. (I also looked at re-sale homes and there too I am seeing the median price increasing from the most recent 12 weeks to the current 12 weeks, but the numbers are even lower than these.  This confirms what I have felt for a while, that the lower priced homes are selling first, and then people that are upsizing will be able to start getting into the market after they sell their smaller homes).

SALES:  The average number of homes sold (closed) each week increased during the most recent 12 weeks to 2 homes per week, from 1 home per week the prior 12 weeks.  The average number going under contract each week was the same during the entire 24 weeks, at 2 homes per week.

INVENTORY:  The average number of new construction homes available for sale each week in the MLS dropped during the most recent 12 weeks versus the prior 12 weeks.  It was 171 during the prior 12 weeks and it dropped to 167  during the most recent 12 weeks. This is in direct contrast to the re-sale homes which continue to have a steady increase in the number of homes available for sale each week.  I think this is because there aren't many new construction projects coming onto the market right now.  The existing inventory of new construction homes is selling - slowly but surely - and there many (if any) new ones hitting the MLS.

My last post was about re-sale homes in the same areas.

Thanks for reading.

nsk

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