Keeping up with Chicago's North Shore Real Estate Market!

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Wednesday, August 21, 2019

Green Tips - Reuse!

"Renovating your home and taking down buildings is sometimes necessary, but that doesn’t mean all those materials need to go to waste. In Cook County, construction and demolition materials make up 17% of what goes into landfills. Incorporating reuse and deconstruction into your next project can help fight climate change, support the local economy, and give new life to usable materials."

check out this guide from Evanston..
A Homeowner’s Guide to Reuse and Recycling

Thursday, August 1, 2019

How's the Market as of August 1, 2019?

We're coming up on the last month of summer.  Where did the time go? 

We've crossed the first half of the year.   The most exciting news.  My brokerage in Lake Forest had the highest sales numbers for the first half of the year!   It's never easy to break into an established market, but @properties continues to shine and shows why it is the #1 brokerage in Chicago and the North Shore!

To give you a sense about the first half of the year, I did a unit to unit comparison in each community.  

The white and blue lines compares the number of units sold in the first six months in 2018 versus 2019. 

Across all communities,  sales were down from 2018.  The red shows how many active listings there are currently available in each community.  For me, what pops out in this chart are the extremes of the North Shore. Some towns are keeping pace and selling their inventory. Conversely, current inventory in some towns exceeds the number of sales we have had in the first part of the year - sometimes by significant levels. 

Beginning the second half of the year... how was the market in July? 

These next charts show units sold and the median prices.

Using months of inventory is a more effective way of measuring the health of the market.  Anything less than 6 months is considered a sellers' market -- anything more than 8 months is considered a buyers' market. The level of inventory has not deviated much over the last few months.  There continues to be a shortage of inventory in Wilmette and Evanston with a surplus in Lake Forest and Kenilworth.

In the next chart, I list the highest sales for each community during June and July.  At the top of the list was a newer construction house on Lake Road in Lake Forest.   

New construction continues to dominate the high-end sales.   Of the 27 houses that sold during that last two months, over 70% were constructed after 1990 and more than a third were built after 2012.   Of the older, classic homes that sold, all had been updated and remodeled with today's specifications. 

There are currently 194 houses for sale that are priced greater than $2M. During the month of June and July, 27 houses closed in this price range:

Sold This Month
# for Sale
Highland Park
Lake Forest
Lake Bluff

As we enter the last days of summer, it will be interesting to see whether sales pick up for the year.   Interest rates remain favorable and there are some remarkable homes for sale.   

Enjoy your August!