Winnetka & North Shore Real Estate Update #3 (during Covid)
Tracking the numbers for January 1 to today (June 8) for both 2019 and 2020 we can decidedly see a downward trend in overall sales. It’s important to remember that the total-lockdown just recently eased up and still has several phases to go through before more buyers and sellers feel comfortable.
In another real estate report that I prepared, I reported that under-contract homes far exceed the number of homes sold. This predicts solid home closes in the coming months and the numbers will rise.
Several other factors that might positively affect North Shore home sales are:
- Pent-up buyer demand
- Younger families currently residing in the city of Chicago may abandon their dreams of raising their children in an urban setting.
Here are the actual numbers:
So you can see that home sales are down but will start rising again as all the under contract and pending homes start to close. The average price has dipped slightly and the median price is actually higher.
And on a lighter note, here are some thoughts about real estate right now:
The Multiple Listing Service is not sick with the coronavirus
Virtual tours, 3-D renderings and floorplans are a great way to showcase your home or view homes for sale before deciding to visit in person
Suburbs are gaining in popularity again as buyers seek more open space
Low mortgage rates and the stock market have remained strong despite the virus
People need to move, people need to live somewhere, people need to eat regardless of Corona
Most offers are written and signed online
Most closings are now being done virtually
Viewing a home for sale can be done safely using the protocols we’ve been taught
While you’re here, please see:
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Margaret Goss is a full-time real estate broker since 1998 working in the North Shore communities of Winnetka, Wilmette, Kenilworth, Glencoe, Northfield, Glenview, and Evanston.
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