Cheers to Glencoe Real Estate!
Many of you may have seen the recent Wall Street Journal article naming Glencoe as the priciest place to live in the Midwest. While prices have definitely been climbing considerably over the last 3 years and home values are at or near all-time highs, the article only took into account homes currently for sale. With that in mind, it is true that if you had to choose from the 30 homes currently for sale, the average price would be $3.2mm. However, the average sale price over the last 12 months is closer to $1.55mm, which is still amazing news for Glencoe and all North Shore real estate.
The reason the current average list price is so high is the same as we have discussed in the last few reports. Lack of inventory. August is typically a slow month for new inventory and sales. In addition, high demand and interest rates near 7.5% add to the low level of inventory. The majority of the homes that come to market sell very quickly. The properties that are sitting for a bit longer are the upper bracket homes or new construction homes that have yet to begin actual construction.
Please see the graph below to fully comprehend just how low the levels of inventory are on the North Shore right now. You will notice that most towns are running at about 22% of pre pandemic levels!
|
Inventory Levels as of End of July - Detached Single Family |
|||||||
|
Year |
Total |
Highland Park |
Deerfield |
Glencoe |
Wilmette |
Winnetka |
Glenview |
|
Jul-08 |
2057 |
391 |
315 |
133 |
267 |
217 |
734 |
|
Jul-09 |
2051 |
399 |
279 |
131 |
239 |
223 |
780 |
|
Jul-10 |
1816 |
349 |
260 |
145 |
194 |
210 |
658 |
|
Jul-11 |
1568 |
309 |
217 |
124 |
160 |
175 |
583 |
|
Jul-12 |
1166 |
254 |
173 |
82 |
110 |
137 |
410 |
|
Jul-13 |
975 |
224 |
158 |
74 |
129 |
113 |
277 |
|
Jul-14 |
1094 |
253 |
173 |
86 |
123 |
156 |
303 |
|
Jul-15 |
1408 |
285 |
222 |
103 |
213 |
171 |
414 |
|
Jul-16 |
1504 |
309 |
258 |
111 |
192 |
208 |
426 |
|
Jul-17 |
1435 |
324 |
278 |
107 |
177 |
164 |
385 |
|
Jul-18 |
1466 |
327 |
255 |
97 |
179 |
160 |
448 |
|
Jul-19 |
1482 |
341 |
235 |
82 |
166 |
169 |
489 |
|
Jul-20 |
989 |
195 |
151 |
60 |
120 |
98 |
365 |
|
Jul-21 |
688 |
146 |
123 |
35 |
81 |
58 |
245 |
|
Jul-22 |
440 |
90 |
68 |
36 |
57 |
44 |
145 |
|
Jul-23 |
283 |
61 |
41 |
23 |
32 |
27 |
99 |
|
Current vs. Last Year |
64% |
68% |
60% |
64% |
56% |
61% |
68% |
|
Current vs. 2019 |
19% |
18% |
17% |
28% |
19% |
16% |
20% |
|
Current vs. 15 Year Avg. |
22% |
23% |
20% |
26% |
21% |
19% |
23% |
Stats for the weeks 8/9-8/23
Glencoe has 30 homes for sale with 19 being over $2.5mm. 7 new homes hit the market, 6 went under contract and 2 closed.
Highland Park has 61 homes for sale. 21 new homes hit the market, 20 homes went under contract and 14 closed
Glenview has 83 homes for sale. 27 new homes hit the market, 22 homes went under contract and 22 closed.
RICK’S PICKS
This month let’s take a look at some of the higher end properties that are responsible for making Glencoe’s average list price so high.
First, we have a new contraction home listed at $9,750,000. 585 Longwood has over 8700 square feet and a sports court.
Next, we have 595 Longwood. This house sits on 1.674 acres and has a beautiful deck with pool overlooking the beach. It is listed at $9,700,000.
BONUS PROPERTY! SNEAK PEAK NEW LISTING!
Richker Group is proud to present this stunning mid-century modern ranch renovation. This home has been redone with a designer’s eye and was featured in Modern Luxury Interiors magazine. Showings start this Friday! Asking price is $1,499,000.
https://tour.vht.com/434341285/800-woodridge-ln-glencoe-il-60022
