Winnetka/North Shore Real Estate Update Aug 2017

By
Real Estate Agent with Baird & Warner Real Estate
https://activerain.com/droplet/56HH


With the exception of Kenilworth, the North Shore has seen high inventory reduced to "normal" market conditions. The absorption rate is an excellent tool to gauge the home sales activity in a particular area. Absorption rate refers to the number of months it would take to sell a home if no new inventory came on the market. From those numbers, it can be determined if a market is a buyer's market (prices down with high inventory) or a seller's market (prices rising with tight inventory.)

absorption rate


These are the absorption rates as of August 24, 2017:

Winnetka North shore real estate         

Wilmette has the best absorption rate at 4.5 months which would be considered a seller's market - which has been unheard of on the North Shore for years. Winnetka, Northfield, Glenview, and Glencoe all fall within the parameters of a balanced market meaning that neither buyers or sellers have a particular advantage. And finally, Kenilworth at 18 months worth of inventory.

One sure sign of a market that isn't sure of itself is the ratio between the original list price of a home and the final selling price. In a seller's market, the ratio is close or higher than the list price and in buyers' markets, it's the opposite.  This graph shows the ratios as being quite low overall. The best list to sell ratio was achieved in Wilmette in July 2015 of almost 95%. The lowest was in Kenilworth was 87% in July of 2016 and is now at 89%. Low ratios show the dangers of overpricing homes, particularly in a buyer's market.





 

To CONTACT Margaret Goss, please call 847-977-6024 or email:  margaret.goss@bairdwarner.com

Margaret Goss is a full-time real estate agent since 1998 servicing the North Shore communities of Winnetka, Wilmette, Kenilworth, Glencoe, Northfield, Glenview, and Evanston.  See full BIO for Margaret Goss.


 
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Margaret Goss - Winnetka and North Shore Real Estate Broker
Specializing in homes for sale in Winnetka, Wilmette, Kenilworth, Northfield, Glencoe, Glenview, Northbrook, and Evanston.

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Rainmaker
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Jeffrey Jones
AZ Home Seekers - San Tan Valley, AZ
AZ Home Seekers, azhomeseekers.com

What a great report. Thank you for the information, I'm sure both buyers and sellers will find it useful.

 

Aug 24, 2017 03:08 PM #1
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Rainmaker
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Margaret Goss

Chicago's North Shore & Winnetka Real Estate
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