Winneta North Shore IL Home Sales - Some Predict a Cooling

By
Real Estate Agent with @Properties

Inman News, a large aggregator of real estate news, published "Home Prices Soared 20% Annually in February. Analysts Say We've Peaked." This was a report on real estate activity across the nation.

I decided to check the Winnetka North Shore real estate market for comparison. Inman used February of 2021 to compare to 2022. I needed more data so I used the first quarter of 2021 to compare to 2022.

Prices for sold homes in the North Shore villages of Winnetka, Wilmette, Kenilworth, Glencoe, and Northbrook surpassed the national numbers.  The total number of homes sold was lower, which has contributed to the price frenzy.

 

  2021 2022
Total homes sold 200 167 (-16.5%)
Median sales price $893,000 $1,125,000 (+26%)
Average sales price $1,083,000 $1,416,000 (+31%)
Total volume $216,652,588 $236,524,854 (+9%)

Both median and average home prices were higher than the national numbers. That's a substantial turnaround from 2014-2019 when local real estate was severely depressed.

The second part of the headline reads, "Analysts Say We've Peaked."  During the pandemic, rates dipped below 3% and are now over 5%. Keeping inflation in check by continuing to raise rates will chill the hot markets we've had for almost two years.

Many financial institutions and analysts are weighing in on where and when the market might downshift:

Housing Boom Loses Steam? Homes sales may drop 25% by the end of summer

How 4 Experts Say You Can Prepare Now for a Busy Housing Market This Spring

Report: Home Buyer Demand Shows Signs of Slowing

4 Predictions for the Housing Market in 2022, from Economists and Real Estate Pros

Are you thinking of selling but are worried about the chances of finding a new home? Real estate agents are getting good at finding inventory. Sometimes, we have to create it ourselves.

What does that mean? Digging down beyond the Multiple Listing Service, below even the Private Listing Service. It means being connected, talking to lots of other agents that may have listings in the pipeline, or checking past listings that didn't sell and may have rented instead.

Call me if you would like to discuss this more! Don't be apprehensive about selling - there might be an excellent option for you.

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

Comments (2)

Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Margaret:

Looks like similar trends we have seen from Q1 2021 to Q1 2022! There certainly is more talk about what lies ahead in the housing market...time will tell, of course. I can't say I am seeing much impact from rising rates, although I hear that homes are now getting as many offers as they were, and I saw that mortgages dropped significantly

Given your knowledge of the local North Shore market buyers, and sellers, would be wise to get your guidance on their decision-making. 

Jeff

Apr 27, 2022 05:02 PM
Margaret Goss

I'm not seeing anything different either. But as you said, "time will tell."

Apr 28, 2022 07:30 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Margaret my  market is cooling and I have been saying that two months ago.... now that interest rates are at 5% I see a lot of first time buyers being pushed out of the buying market.... as well as a lot more Back on the Market properties.... also I have 21 land listings and I do not have the frenzy emails and calls I had five months ago.... just sayin... we are usually six to eight months ahead of the rest of the country... so with that said enjoy the activity, Endre

Apr 27, 2022 09:38 PM
Margaret Goss

Yes - I think the changes will come but not until late summer.

Apr 28, 2022 07:31 AM