The real estate market in Winnetka, IL has started off more quickly than one year ago. With interest rates still low and inventory on the lean side, buyers are on the move.
This chart, from the Multiple Listing Service, shows home sales, prices, and days on market for each month in 2014. January home closes reflect actual sales that took place in November and December, yet they are still indicative that the market is busier this year.
In January 2014, there were 26 new listings and 6 real estate closes with a median price of $1,578,546.
In January 2015, there were 26 new listings and 16 closes which represents a 166% increase in sales over last year. However, the median sales price dropped by almost 6% to $1,487,500.
I don't think there is any need to worry about the price drop - remember those homes went under contract at the end of the year, a time that typically is slow and some good deals were made. Those are just closing now so it seems that prices have depressed, but we'll have to wait to see what happens in February and March.