Statistics - Realtors love 'em! And for good reason: those otherwise boring little bunches of numbers have the power to reveal the needed answers to buyer and seller strategies, pricing, timing, ... you name it.
With all the talk on the street about buyers sitting on the sidelines, waiting for some internal "green light" to blink "Go!", it is worth taking a moment to see if properties are selling in our neighborhoods. Let's run a simple, quick measure of activity for the month just ended, March, and compare it to March of 2006. Ask any agent from our office in Winnetka, and they'll tell you that their sense is that the buyers are out in force now, snapping up well-priced properties of all types: single family, condos, townhomes, and in every style and price bracket.
On to the data:
March 2007 vs. 2006 single family homes that went under contract:
Evanston - 52/48
Wilmette - 47/53
Kenilworth - 8/3 (keep in mind Kenilworth's small roof count)
Winnetka - 25/20
Glencoe - 13/13
March 2007 vs 2006 condos and townhomes that went under contract:
Evanston - 92/89
Wilmette - 4/7
Kenilworth - 0/0
Winnetka - 4/2
Glencoe - 0/0
Buyers are waiting in the wings? Perhaps not. Evanston and Kenilworth and Winnetka surpassed their single family 2006 tallies. Glencoe matched. And many of these newly written contracts to purchase were pulled together within 2 to 7 days. Wow!
With mortgage rates STILL sitting near their historic recent-history low mark, the promise of a new home for springtime is pulling our buyers away from those sidelines and up to the line of scrimmage. (Or, if you prefer, out of the bullpen and up to bat.) With so many exciting homes on the market, a wise buyer will find a great agent to help him/her navigate the offerings and find just the right one, at the best possible price.
We are your North Shore Home Advisors; do WE have an agent for YOU!
3 comments:
I noticed that Evanston's statistics showed a large number of condos or townhouses sold, but none in Kenilworth or Glencoe. How come??
Glad you asked! The truth is, there is very little "attached" housing stock in Glencoe and Kenilworth. What little there is can be found either exactly on Green Bay Road, or within a block or two of Green Bay Road. These tend to be either townhomes or low-rise buildings that were built several decades ago. There is a limited amount of newer construction row houses that fall in the higher price ranges.
Evanston's history of extensive rental apartment buildings that cover the entire community provide the condominium buyer of today these conversion options. The developers of new construction condos have followed suit by providing numerous modern structures that offer convenient "in town" amenities and services (primarily in the heart of downtown Evanston).
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