The inventory of single family homes for sale in New Trier Township (Wilmette, Winnetka, Kenilworth, Northfield and Glencoe) is at a seven year low. Good houses that are priced right are hot commodities right now, and we’re seeing more multiple offers than we’ve seen in years. Sales year to date are up 13%, time on market is down to 3.6 months and months supply of inventory is down to 5.5, the lowest level in four years.
Although all of these measures point to a strengthening of the housing market, the one lagging indicator is prices. The average selling price for 2012 year to date is down 11% from last year. How is it that all other signs seem so positive but prices are still down? It’s because we are at an inflection point, where the price slide has finally stopped, but has not yet turned the corner. In the next few months we can expect to see upward pressure on prices driven by high demand and low inventories.
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