Now you see me…. Now you don’t! That is the story with most new listings on the North Shore these days. Especially properties listed under $1.6mm. There were 18 new homes listed in Glencoe during the month of March. 13 of those properties went under contract and the average time on market was 5.2 days! 4 of the 5 that did not go under contract were originally listed before April and re listed as new in April (meaning these are the few that are most likely overpriced and stagnating). The last property was just listed 2 days ago.
What can we gather from these staggering statistics…? The buyer pool continues to monumentally outpace the number of homes being sold. In short…. The lack of inventory I have been talking about for months, rolls on. Nationally, the headlines are portraying a slowing of sales and a drop in home values. On the North Shore, prices are steady, and in fact still rising. Part of the reason for this may be due to an interesting stat I just came across. Over the last 5 years, the national average for home value appreciation per state is up by 58.4%. However, Illinois is only up 38%! There are several states with appreciation in the 85% range with Idaho topping the list at 104%. Compared to the rest of the nation, home prices in Chicagoland are a relative value.
Stats for 4/1/23 - 4/27/23
Glencoe has 23 new homes for sale with only 1 under $1mm. 18 new homes hit the market, 13 went under contract and 6 homes closed.
Winnetka has 34 homes for sale. 37 homes hit the market, 21 went under contract and 16 homes sold.
Deerfield has 45 homes for sale. 23 homes hit the market, 26 homes went under contract and 16 homes closed.
RICK’S PICKS
This month I will feature some of the homes that have sold in the last 26 days on the North Shore so you can get an idea of how much over asking price homes are selling for and what value looks like around $1mm, $1.75mm and $2.5mm.
The first home is 281 Scott in Winnetka. It is around 2500 square feet and has 5 bedrooms and 3.5 baths in total. Asking price was $849k and it closed for $950k.
https://www.redfin.com/IL/Winnetka/281-Scott-Ave-60093/home/13790528
The second home is 523 Washington in Wilmette. It is around 4700 square feet with 5 bedrooms and 3 full and 2 partial bathrooms. Asking price was $1,550,000 and it closed for $1,705,000.
https://www.redfin.com/IL/Wilmette/523-Washington-Ave-60091/home/13774083
The last home is 566 Willow in Winnetka. This home is around 6700 square feet and has 6 total bedrooms and 6.5 bathrooms. Asking price was $2,499,000 and it closed for $2,585,000.
https://www.redfin.com/IL/Winnetka/566-Willow-Rd-60093/home/13785584
*** Richker Group has 2 new Glencoe listings coming to market soon. One is in the $900’s and one will be around $1.2mm. Please reach out if you know anyone looking for a great home. Thanks!
