The Superbowl of residential real estate is about to kickoff. As we cheer the Bears next Sunday, the local real estate market will be preparing for the proverbial commencement of the spring market. Last year saw a large number of homes hit the market on the Monday following Superbowl Sunday. Interestingly, some villages (Northbrook & Glenview) have already seen a fairly large number of properties offered for sale in recent weeks. Other towns (Wilmette & Winnetka) have had very little new inventory over the last few months. Several questions remain to be answered in the coming weeks. They include:
· Will sellers continue to insist that their asking prices remain high?
· Will buyers feel more motivated to “pull the trigger” rather than sitting on the sidelines…waiting to make their move?
· Will the market find a level of equilibrium where neither buyers nor sellers have the upper hand?
As was mentioned in the previous post, some local markets have seen exceptional activity so far in 2007. Is this a prelude to the spring market? Stay tuned. By the way…Go Bears!
Sunday, January 28, 2007
Monday, January 22, 2007
The Pace is Picking Up for Sales!
There is definitely an increase in the pace of contracts being written on the North Shore since the new year has begun. A quick review of the five communities from Evanston to Glencoe shows these results (any residential property that went under contract, whether it is now "closed" or still pending):
Evanston saw 54 properties go under contract in all of December 2006; in the first three weeks of 2007 we find 56 properties already under contract, with 9 days in the month still to come.
Wilmette saw 17 properties go under contract in all of December 2006; in the first three weeks of 2007 we find 30 properties already under contract.
Kenilworth saw only 2 properties go under contract in December 2006, and there is one property under contract in the first three weeks of 2007.
Winnetka saw 6 properties go under contract in December 2006; in the first three weeks of 2007 we find 15 properties already under contract.
Glencoe saw 14 properties go under contract in December 2006; in the first three weeks of 2007 there have been no new contracts (an oddity, in comparison to the activity in the other communities detailed above).
It is important to remember how diverse the population count is from one town to the next on the North Shore; this can account for some of the disparity in the sales statistics we are studying here. According to the U.S. Census Bureau, the 2005 population estimates for each town are:
Evanston: 75,236
Wilmette: 26,922
Kenilworth: 2,445
Winnetka: 12,452
Glencoe: 8,979
Evanston saw 54 properties go under contract in all of December 2006; in the first three weeks of 2007 we find 56 properties already under contract, with 9 days in the month still to come.
Wilmette saw 17 properties go under contract in all of December 2006; in the first three weeks of 2007 we find 30 properties already under contract.
Kenilworth saw only 2 properties go under contract in December 2006, and there is one property under contract in the first three weeks of 2007.
Winnetka saw 6 properties go under contract in December 2006; in the first three weeks of 2007 we find 15 properties already under contract.
Glencoe saw 14 properties go under contract in December 2006; in the first three weeks of 2007 there have been no new contracts (an oddity, in comparison to the activity in the other communities detailed above).
It is important to remember how diverse the population count is from one town to the next on the North Shore; this can account for some of the disparity in the sales statistics we are studying here. According to the U.S. Census Bureau, the 2005 population estimates for each town are:
Evanston: 75,236
Wilmette: 26,922
Kenilworth: 2,445
Winnetka: 12,452
Glencoe: 8,979
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