Winnetka, IL

Winnetka's December Property sales were 16, up 60.0% from 10 in December of 2010 and 45.5% higher than the 11 sales last month. December 2011 sales were at a mid level compared to December of 2010 and 2009. December YTD sales of 222 are running 6.7% ahead of last year's year-to-date sales of 208.

The Median Sales Price in December was $719,875, down -7.1% from $775,250 in December of 2010 and down -42.2% from $1,245,000 last month.
The Average Sales Price in December was $823,568, down -36.3% from $1,293,670 in December of 2010 and down -29.3% from $1,164,963 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 120, down -11.8% from 136 last month and down -28.6% from 168 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 7.5 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 103, down -3.7% from 107 days last month and down -5.5% from 109 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 85.4% was down from 88.1% last month and up from 83.2% in December of last year.

The number of New Listings in December 2011 was 10, down -41.2% from 17 last month and up 25.0% from 8 in December of last year.

Today is January 8 - usually a day that dawns with sub-freezing temps. But this winter has been decidedly different - no snow as of this date and temperatures that threaten to force the early daffodils out of the ground. I mean in the 40s and 50s warm.

If you like to cross country ski or snow shoe then you have been disappointed. If the outdoor skating rink you created at your Winnetka home for your kids is sloshing around then you are not happy. For the rest of us, though, it has been an uninterrupted time of outdoor warmth that will certainly make this winter shorter than most.

Our local Cook County Forest Preserve trails are wide open and clear - take advantage of this great weather phenomenon and go out and walk, bike, run or skateboard. There is the Green Bay Bike Trail along the Metra line starting in Wilmette at Lake St. and continuing north to Highland Park. There are also the Forest Preserve trails which meander roughly alongside the Edens Expressway.

Enjoy the sights all along the North Shore- a different kind of winter landscape with no snow!

2011 is done and I have the final numbers for home sales in the Chicago North Shore suburbs of Winnetka, Wilmette, Kenilworth, Glencoe and Northfield. The good news is that there was a slight improvement over 2010 in some areas.

First, more homes sold this past year: 680 homes versus 645 homes in 2010 (condos were down slightly from 123 to 114 units in 2011.)

Secondly, the ratios between list price and sell price have closed up slightly meaning that more sellers are understanding the dynamics of this market and pricing more reasonably than in the past. In 2010, the average original list price to sell price ratio was 85% while this past year it was 87%.

Sold prices were slightly down, however, from an average sell price in 2010 of $1,040,542 to $1,004,277 in 2011, or a drop of 3.5% across the board.

Alas, I have no crystal ball to help me peer into 2012 and tell you what I see! But based on the best predictions by some of the best predictors (Matthew Ferrara,) here are a few stabs at what the market might hold.

• Consumer confidence will increase and buyers will return to the market.

• The much heard about "shadow inventory" of foreclosures will start to come on the market in 2012.
  

• Foreclosures do, unfortunately, put downward pressure on your home price. So, if there is one in your neighborhood, expect prices to continue to soften.

• The banks will begin to allow more short sales instead of allowing inventory to go into foreclosure by easing some of the restrictions.

Real estate predictions are like walking a tightrope 30 stories up - it is awfully easy to fall flat on your face. Some of these trends had already started at the end of 2010 so it's not a leap of faith to imagine they will continue that way. Bot don't take any leaps without the guidance of a good, experienced real estate agent.

Call me to discuss your options whether you are buying or selling a home in Chicago's North Shore including Winnetka, Wilmette, Kenilworth, Glencoe and Northfield.

It’s not every day that an opportunity comes along to work with award-winning HighGate to build your dream home. 1212 Westmoor is almost an acre of gorgeous property on a street of upper bracket homes in Winnetka.

You can either work with our architect or use your own to create your plans for a custom home ranging from 6,000 up to 11,500 square feet (not including lower level). There is a wide range of options to add amenities, including swimming pool, tennis courts, sports court or multiple garages.

HighGate is one of the North Shore’s most versatile and respected builders. If you would like more information about this terrific opportunity, please give us a call at 847-712-0049 or email us at comehome@cbexchange.com.

You can see some of HighGate’s magnificent homes here.

The Chicago Tribune reported today that there was a 14.2% increase in homes sales this year over 2010 across the state of Illinois. The numbers were even better in the nine counties that make up metro Chicago: sales in those areas rose 20.7% over last year.

Loretta Alonzo, president of the Illinois Association of Realtors said: "Signs are emerging that a recovery in the housing market is underway including the steady uptick in home sales activity, which is expected to continue into the new year," The forecast (and hope) is that as sales increase, prices will stabilize.

How did our local North Shore market (Winnetka, Wilmette, Kenilworth, Glencoe and Northfield) fare this year. Here are some numbers:

2011 Single Family Home Sales

Total number of home sales: 671
Average Sell Price: $1,007,951
Days on Market: 171

2010 Single Family Homes Sales

Total Number of Home Sales: 634
Average Sell Price: $1,043,421
Days on Market: 198 days

So the North Shore communities of Winnetka, Wilmette, Kenilworth, Northfield and Glencoe saw a rise in the number of home sales by 5.51% - not as large as the state overall, but an increase nevertheless. The average home price for the area dropped by 3.39% which is a good sign that prices are indeed stabilizing. It took longer, however, to sell these homes, up by an average of 74 days.

It will be a slow recovery for certain but signs are positive that 2012 will see even better numbers as we begin to climb out of the deep well that has been the real estate market since 2008.

If you need help in selling or buying a home in the North Shore please call me for more up-to-date statistics and information.