February Real Estate Market Report - Winnetka, Wilmette, Kenilworth, Glencoe & Northfield

It seems like February surged with homes going under contract, but that won't be reflected for another month or two. Sales were strongest in Wilmette, with 10 closed sales, but that was down from January's number of 18.

Total Sales by Village for February 2012

Winnetka: 7

Wilmette: 10

Kenilworth 1

Glencoe 7

Northfield 6

What I found interesting is that of the 30 sales for February, 7 of them (or 23%) were either foreclosures or short sales. That was much higher than I had previously thought and obviously, these sales are having an impact on all sales numbers.

There are a whopping 95 homes that are under contract, of which some may come back on the market because they are in the attorney/inspection or mortgage phase.

Plus, there are 37 homes that are pending which indicates they are closer to closing with inspections and other contingencies having been removed.

I think the next few months will show a good increase in closed sales - the market has certainly been active with more buyers out looking and feeling that home prices are now at very good levels.