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
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- North Shore Home Advisors
- North Shore suburbs, Chicago, Illinois, United States
- We are The North Shore Home Advisors. Our goal is to help lead you through the maze of villages called the North Shore in an attempt to help you to make an educated decision regarding which of these villages best fits your needs. We will provide you with general information, resources,and guidance. We will discuss pre-school options, school districts, park district facilities, and places to have fun, eat and shop. We'll share insights regarding each of these villages. We are five experienced real estate professionals who have all lived in these towns for many years. We will discuss local real estate trends and their effect on pricing and inventories. Most important,we will be soliciting questions, comments and feedback from you. This will be a forum for exchanging thoughts and ideas. Please join us as we help you make your way through this exciting transition from city to suburban living. We can provide a great deal of value for you.
4 comments:
Hi. Does this increased amount of contracts mean the sellers are finally "caving in" on their asking prices?
Which homes are selling? The ones that have been on the market forever, or the new ones coming on the market that are priced more reasonably?
These are both interesting questions. When you look closely at which homes are going under contract, you see that there are an almost equal proportion of homes which have been on the market for some time, have had several price reductions and now are at a level that buyers are finding appealing, and those that are new to the market, but have been priced at a reasonable level. The common denominator is that the homes that are selling are those which seem to be priced at an attractive level. The homes that are priced too high, are remaining unsold. Many sellers are beginning to recognize that current prices are generally a bit lower than 2005 prices.
How do you price a new listing competitively when many of the current listings are overpriced? It seems to me that whatever the 'current' market conditions might be, a realistic/fair list price is going to attract more attention and get a home sold more quickly relative to the competitition. This would seem obvious, but I am surprised that there so many overpriced homes on the market. Perhaps seller(and listing agent) expectations are stuck in 2005.
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