We are heading into the 4th quarter and the North Shore real estate market feels like it's set on cruise control like Walter Payton and the ’85 Bears on the way to a Super Bowl. One of the few things that may slow down the run are the latest New Trier Township real estate tax bills set to be dispersed next month. The rise in interest rates and chatter of recession have been no match for the sheer lack of inventory on the North Shore. Perhaps an elevated tax bill may get some sellers off the sidelines and into the game. We could definitely use the boost in inventory.
Over the last month the market for homes listed under $2mm has been purring along. Most of these properties have sold for asking price or higher within days of being listed. For instance, the mid-century modern ranch I advertised last month in Glencoe sold for over ask in 3 days and had 26 showings.
Interestingly, the one “soft” spot in the market seems to be new construction in Glencoe. New construction homes make up 44% of the current available inventory! Most of these homes are above $2.5mm, and a third of them are not built yet, so that may have something to do with why they have not sold. However, it has been a while since I have seen so many fully finished new construction homes sitting on the market in Glencoe. Perhaps it is an early indicator that prices have found a ceiling. We will have to keep an eye on whether this becomes a trend or is just a blip on the radar. My hunch for now is that it is a momentary pause.
Stats for the period 9/2/23-10/2/23
Glencoe has 27 homes currently for sale, and as mentioned above, 12 are new construction. 10 new properties hit the market, 7 homes went under contract and 9 homes sold.
Wilmette has 34 homes for sale with triple the population of Glencoe! 33 homes hit the market, 29 went under contract and 20 closed.
Winnetka has 37 homes for sale. 13 new homes hit the market, 7 went under contract and 10 homes sold.
RICK’S PICKS
We recently visited Glacier National Park on a family vacation and it was stunning! So, this month I will share some mountain retreats featured through our Christie’s affiliate.
The first property is in Whitefish, Montana. It was listed at $4,895,000 and is under contract. Built in 2015 with 6500 square feet of living space and amazing views!
The second is a Whitefish in town condo listed at $1,250,000. The property has 2 BR and 2 baths and was built in 2020.
https://www.christiesrealestate.com/sales/detail/170-l-78034-f1161813607/whitefish-mt-59937#
The last is in Lakeside, Montana and is listed for $28,500,000. It sits on 5.85 acres and has over 15,000 square feet.
https://www.christiesrealestate.com/sales/detail/170-l-78089-f214184223/lakeside-mt-59922walter
