For What It's Worth

Something’s happening here...

What it is, ain’t exactly clear...

For what it’s worth, something is happening in the North Shore real estate market.

Since Labor day, there had been an unusually small number of new listings hitting the market on the North Shore, particularly in Winnetka and Wilmette. Sure, there is always a seasonal slowdown, but it was much more pronounced this year.

Since then, some properties have been sold...some that were “for sale” were rented and some listings expired and did not return to the market. Others were taken off the market for the holidays.

2012 began with the fewest active properties for sale in years....

great scenario for sellers!!!

(photo courtesy of e_monks photostream on Flikr http://www.flickr.com/photos/e_monk/2704329009/sizes/m/in/photostream/)

Since the beginning of the year there has been a steady flow of new listings. Unlike the past few years, it seems that many of the new sellers are being realistic in their pricing and as a result, there have already been a lot of transactions....

great scenario for buyers!!!

Sure, there is pent up supply...

but there is also a whole lot of pent up demand.

What we are seeing the most of is pent up confidence

Stocks are at multi-year highs.
Unemployment seems to be easing down.
Distressed sales appear to be declining.

One new (not-distressed) listing came on the market last Friday and the listing agent reported that there were 19 showings over the weekend. It was under contract by Monday. Other listing agents reported six or more weekend showings for new listings at all price points including those over $2 million.

For what it’s worth, something is happening here....what it is ain’t exactly clear.

The American dream seems to be alive and well...but you better check back in a few weeks for an update.