If you’re not first you’re last! Possibly true in race car driving, but not true for home appreciation per city. For the first time in a long time, Chicago was ranked second on a list of major US cities for home growth last quarter. While other major markets like Phoenix showed a 6% slowdown in sales in April, Chicago still boasted a 4% gain. As we have discussed in earlier reports this may be due to the healthy slow and steady pace at which we have grown compared to the spike in growth in destination and second home cities.
Sales have been going so well in Chicago, and particularly the North Shore, that a staggering percentage of homes sold have been selling at asking price or higher compared to sales in 2019.
| Winnetka | YTD 2023 | 4/1-6/21, 2023 | 2019 Full Year |
| Total # of Closed Sales | 99 | 65 | 264 |
| Total @ or Over 100% | 65 | 48 | 30 |
| % of Total | 66% | 74% | 11% |
| Wilmette | YTD 2023 | 4/1-6/21, 2023 | 2019 Full Year |
| Total # of Closed Sales | 187 | 115 | 454 |
| Total @ or Over 100% | 111 | 71 | 56 |
| % of Total | 59% | 62% | 12% |
| Glencoe | YTD 2023 | 4/1-6/21, 2023 | 2019 Full Year |
| Total # of Closed Sales | 50 | 33 | 170 |
| Total @ or Over 100% | 24 | 17 | 16 |
| % of Total | 48% | 52% | 9% |
You might ask, when will the slowdown happen? The easy answer is that no bull market, whether stocks or housing lasts forever. However, if we look at the majority of downtrends in the housing market, you will find a combination of lower demand and distressed sellers. I don’t see either of those factors occurring on the North Shore in the near term.
Stats for the 3 week period 6/22-7/6
Glencoe has 30 homes for sale but still only 12 are under $2.5mm. 10 new homes were listed, 5 homes went under contract and 9 homes closed.
Winnetka has 33 homes for sale and only 12 are under $2.5mm. 10 new homes hit the market, 11 went under contract and 13 homes closed.
RICK’S PICKS
ITS SUMMER SO LET’S LOOK AT SOME AWESOME LAKEFRONT PROPERTIES THAT HAVE SOLD IN THE LAST MONTH! (The URL’s may take a minute to load)
The first property is 691 Sheridan in Winnetka. This house is over 12,500 square feet and sits on a .8 acre lakefront lot. Spectacular inside and out. This home was listed at $12,850,000 and is under contract.
The second is 445 Sheridan also in Winnetka. This home is a blend of old world character and modern updates. It sits on an impressive 2.2 acre lakefront lot! The property was listed at $14,999,900 and is under contract.
The final home is at 1444 Biscayne Blvd in Miami. (Why not!) The place is insane! The views are unbelievable. It is listed at $12,250,900.
