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