Northbrook, IL

Northbrook's February Property sales were 23, down -4.2% from 24 in February of 2011 and 15.0% higher than the 20 sales last month. February 2012 sales were at their lowest level compared to February of 2011 and 2010. February YTD sales of 43 are running -15.7% behind last year's year-to-date sales of 51.

The Median Sales Price in February was $180,449, down -33.3% from $270,500 in February of 2011 and down -32.2% from $266,000 last month. The Average Sales Price in February was $334,041, down -9.7% from $369,736 in February of 2011 and down -13.7% from $387,219 last month. February 2012 ASP was at the lowest level compared to February of 2011 and 2010.

The Total Inventory of Properties available for sale as of February was 270, down -10.3% from 301 last month and down -33.2% from 404 in February of last year. February 2012 Inventory was at the lowest level compared to February of 2011 and 2010.

The February 2012 Months Supply of Inventory of 11.7 months was at its lowest level compared with February of 2011 and 2010. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.

The average Days On Market (DOM) is how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for February was 83, up 16.9% from 71 days last month and down -27.2% from 114 days in February of last year. The February 2012 DOM was at its lowest level compared with February of 2011 and 2010.

The Selling Price vs Original Listing Price is the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The February 2012 Selling Price vs Original List Price of 87.7% was up from 87.0% last month and down from 89.2% in February of last year.

The number of New Listings in February 2012 was 70, up 4.5% from 67 last month and down -4.1% from 73 in February of last year.

Northbrook's January Property sales were 17, down -37.0% from 27 in January of 2011 and -54.1% lower than the 37 sales last month. January 2012 sales were at their lowest level compared to January of 2011 and 2010. January YTD sales of 17 are running -37.0% behind last year's year-to-date sales of 27.

The Median Sales Price in January was $282,000, down -22.1% from $362,000 in January of 2011 and up 15.1% from $245,000 last month.
The Average Sales Price in January was $386,757, down -4.7% from $405,968 in January of 2011 and up 24.0% from $311,935 last month. January 2012 ASP was at the lowest level compared to January of 2011 and 2010.

The Total Inventory of Properties available for sale as of January was 283, down -4.7% from 297 last month and down -29.4% from 401 in January of last year. January 2012 Inventory was at the lowest level compared to January of 2011 and 2010.

The January 2012 Months Supply of Inventory of 16.6 months was at its highest level compared with January of 2011 and 2010. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.

The average Days On Market (DOM) is how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for January was 64, down -55.9% from 145 days last month and down -55.9% from 145 days in January of last year. The January 2012 DOM was at its lowest level compared with January of 2011 and 2010.

The Selling Price vs Original Listing Price is the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The January 2012 Selling Price vs Original List Price of 88.1% was up from 83.6% last month and up from 85.9% in January of last year.

The number of New Listings in January 2012 was 62, up 106.7% from 30 last month and down -18.4% from 76 in January of last year.

Homesellers everywhere are scratching their heads and wondering where all the buyers have gone.

Get out your calculator, and you wonder no more.

Since 2006, 4 million homeowners lost their homes due to short sales or foreclosures

An additional 14 million homeowners (30%) are underwater

An additional 2.4 million homeowners hold less than 5% equity in their homes

An additional 3 - 10 million homeowners facing foreclosure (nobody knows for sure!)

Add it all up, and we’re looking at 23 to 30 million current homeowners who are out of the market.

Since there are about 48 million homeowners in the U.S., 50 to 62.5% of move-up homebuyers have been removed from the market.

If you’re a homeowner who wants to sell your house and wondering where all the homebuyers have gone, wonder no more.

It’s Judy … your North Shore Chicago real estate agent.

Chicago North Suburban real estate update as of December 2011

As of December 2011, homes sales in Chicago’s North Suburbs continued a healthy upward trend.

Sales were up 11% compared to prior month … and also up 9% compared to December of 2010.

The overall trend line remains on an upward glide path, even after considering seasonal fluctuations. Nice news for homesellers!

Inventory of homes is down

There’s more good news when it comes to inventory levels. The number of homes for sale in Chicago’s North Suburbs has been steadily decreasing since June 2011.

Fewer homes on the market mean stiffer competition among homebuyers, which usually translates into improved sale prices.

Average Sold Price trending down

The Average Sold Price, though, has been steadily dropping since June 2011.

A drop in prices can be attributable to several factors.

One of the reasons may be due to downward pressure exerted by Short Sales and foreclosures, which accounted for 37% of December sales.

Another reason may be attributable to first-time homebuyers. When the majority of homebuyers purchase their first house, they usually buy at the lower end of the range. Since 65% of homes purchased in December were sold for under $250,000, the average price of all home sales is weighted heavily with these more affordable homes.

* * *

The market remains under pressure from a bad economy, unemployment, and fears of the future. Homeowners must understand that to sell their houses, they must be competitive and realistic.

Since everyone — sellers, buyers, appraisers, and real estate brokers — has access to the same sales statistics, homeowners won’t be able to sell their for more than the market will bear.

It’s Judy … your North Shore real estate agent.

Northbrook's December Property sales were 34, up 9.7% from 31 in December of 2010 and 30.8% higher than the 26 sales last month. December 2011 sales were at their highest level compared to December of 2010 and 2009. December YTD sales of 478 are running 2.8% ahead of last year's year-to-date sales of 465.

The Median Sales Price in December was $256,250, down -14.9% from $301,000 in December of 2010 and up 3.5% from $247,500 last month. The Average Sales Price in December was $323,576, down -20.0% from $404,669 in December of 2010 and up 22.7% from $263,817 last month. December 2011 ASP was at the lowest level compared to December of 2010 and 2009.

The Total Inventory of Properties available for sale as of December was 286, down -11.5% from 323 last month and down -28.5% from 400 in December of last year. December 2011 Inventory was at the lowest level compared to December of 2010 and 2009.

The December 2011 Months Supply of Inventory of 8.4 months was at its lowest level compared with December of 2010 and 2009. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.

The average Days On Market (DOM) is how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for December was 131, up 57.8% from 83 days last month and up 81.9% from 72 days in December of last year. The December 2011 DOM was at a mid range compared with December of 2010 and 2009.

The Selling Price vs Original Listing Price is the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The December 2011 Selling Price vs Original List Price of 84.0% was down from 87.0% last month and down from 89.3% in December of last year.

The number of New Listings in December 2011 was 29, down -17.1% from 35 last month and down -46.3% from 54 in December of last year.