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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