There is no denying that statistics are cold, hard facts. Usually, they can be interpreted only one way since numbers don't lie (at least that's what my long-suffering algebra teachers told me.) So I pull numbers every few months to get a reality check on the market - is what I am seeing and thinking really happening?
How hard has housing been hit on the North Shore? Well, not as hard as other parts of the country and that is a fact, but we're definitely feeling the pinch. In a quick check of the Pioneer Press Winnetka Talk (November 6, 2008 issue) there were 5 1/2 pages of judicial sale notices with the following foreclosure breakdown: Evanston (23), Glenview (6), Northbrook (10), Wilmette (4) and Winnetka (1). In past years there were maybe 1-2 foreclosures in Evanston and Glenview, and virtually none in the other villages. While foreclosures are rising here, they pale in comparison to certain communities in California and Florida that have seen up to a 50% foreclosure rate.
So here's the real estate snapshot for Winnetka, Kenilworth, Wilmette, and Glencoe:
- Current Homes on Market 571
- Average Days on Market 230
- Currently Under Contract 35
- Units Sold Last 60 Days 79
- Ratio of List to Sell Price 92%
I found one of the most interesting numbers to be the Ration of List to Sell price. One year ago that number was 93% so we haven't seen (at least in these numbers) fire-sale pricing. I do expect that number to continue to lower as the news nationally and worldwide has not been uplifting. The bursting of the real estate bubble was the "canary in the mine" as other industries follow us downward.
But why sit and do nothing? As long as everyone who has the means wants to move, why not do it. The 
clogged drain of real estate needs a good plunger and now is a very good time to buy. It's a little disconcerting to buy when the market is still falling but it's a chance to buy low and possibly with little competition. Most buyers feel more comfortable to jump in when the market is rising because one always has the feeling that the next guy will pay more and that's gratifying. . .up to a point. You will pay more and you will have to compete with other buyers also entering the market.
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