Instead of preparing just a 6-month real estate report on the first half of 2017 vs. 2018, I decided to throw in statistics from 2007 into the mix. I'm often asked if Winnetka has returned to its pre-recession home prices. My answer is always "No" but there are some interesting take-aways from these numbers.
WINNETKA REAL ESTATE HALF-YEAR REPORT
The most startling number here is the huge jump in average sale price of a Winnetka home from 2017 to 2018, from $$1,307,000 to $1,690,000. This can easily be explained - Winnetka has had four high-priced sales since January 1, 2018: $8,875,000, $10,000,000, $12,000,000, and $12,000,000. Since I'm using an average here (as opposed to a median) the numbers are skewed higher for 2018. Looking at this another way, the median Winnetka home sale price in the first half-year of 2018 was $1,179,000 and in 2017 it was $1,111,250. For Winnetka, looking at the median price is a more accurate statistic.
The total number of sales was much lower in 2007 because there weren't as many homes for sale - but more buyers than sellers equaled rising prices.
In spite of 2007 being a "hot" market, days on market was higher than it is now. Homes prices were rising, usually by so much that it caused buyers to take pause. Even in a hot market, many home sellers had to reduce their price causing a longer sale time.
CURRENT REAL ESTATE MARKET IN WINNETKA
Homes for sale: 156
Priced: $465,000 to $9,999,000
Under contract: 62
Absorption rate: 7.8 months
Condos for sale: 5
Priced: $369,000 to $899,000
To CONTACT Margaret Goss, please call 847-977-6024 or email: email@example.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.