GLENCOE IL 2018 REAL ESTATE REVIEW
Glencoe presents an anomaly in 2018 - there was an increase in home sales over 2017 - but the median price went down. Another worrying trend is that in both years, the list to sell price ratio was a dismally low number - 87% in 2017 and 84% in 2018. Those numbers indicate original list prices that are significantly too high for the market to bear.
Another anomaly - market time for these homes to sell is the lowest of all the North Shore villages. Essentially, nothing is conforming in Glencoe right now.
Here is a chart comparing Glencoe homes sales in 2017 vs 2018.
Total home sales up by 19% while the median price was down by 5.7%, list price to sell price ratio was mentioned above, and market time was essentially the same.
One soft spot in the market is the new construction segment which is seeing a much longer market time. Buyers are still very hot on purchasing new homes, but they are willing to wait it out for price reductions.
As expected, market time ran ran 82 daysdays for properties priced below $1 million; 173 days for properties priced between $1-2 million, and 211 days for properties priced over $2 million.
Current Glencoe Real Estate Market:
Homes for sale: 67
Price range: $350,000 to $5,500,000
Under contract: 14
Absorption rate: 4.7 months (seller’s market)
Condos for sale: 4
Price range: $170,000 to $470,000
Median price of current single family inventory: $967,000
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.