SOURCE: North Shore - Barrington Association of REALTORS

September 19, 2013 15:17 ET

Summer Market Rounding Out With Increased Sales, Median Home Prices in Chicago's North Shore - Barrington Market

The North Shore - Barrington Association of REALTORS® Announces Increased Sales, Pricing in the North Shore and Barrington Markets

CHICAGO, IL--(Marketwired - September 19, 2013) - As summer begins to wind down, the housing market in the North Shore-Barrington marketplaces are showing anything but a slow down any time soon, as buyers continue to drive the market with increases across the region.

"Steady absorption of housing inventory in August as families rounded out the back to school season are signs of buyers moving up, right-sizing, or seeking the home right for their school and other geographic and community needs," said REALTOR Jim Votanek, president of the North Shore - Barrington Association of REALTORS® (NSBAR) and Senior Sales Support Manager with Baird & Warner, Glen Ellyn.

"Many communities our NSBAR REALTORS serve show a measured increase in the number of units sold, average sales pricing, and median sales pricing across the board," added Votanek.

High demand paired with low inventory means sellers have an opportunity to excel in this market -- but must do so with strategy and good counsel.

According to Votanek, today's prospective sellers are often evaluating whether or not now is the time to sell as they weigh whether they can afford to sell their home, and if so, consider the challenge they may have finding the home and financing right for them.

"Sellers need to think through what their next move will be once they've sold their home," Votanek added. "Listing a home without a game plan can cost a seller more in the long run, with multiple moving expenses, higher leasing fees for short-term rentals, and less negotiating power."

"Exploring your options has never been more critical," Votanek explained. "There are tremendous opportunities for buyers and sellers to reap the benefits of today's market, while interest rates are still attractive." 

Across the North Shore-Barrington region, August 2013 housing market highlights included:

  • Barrington area - 407 detached single-family homes sold year-to-date, up 28.4 percent compared to 317 detached single-family homes sold YTD in August 2012. The median 2013 YTD sale price in August was $497,500, up 5.9 percent compared to $469,901 in August 2012.
  • Evanston - 335 detached single-family homes sold year-to-date, up 7 percent compared to 313 detached single-family homes sold YTD in August 2012. The median YTD 2013 sale price as of August was $480,000, up 5.5 percent compared to $455,000 in August 2012.
  • Golf-Glenview - 381 detached single-family homes sold year-to-date, up 31.8 percent compared to 289 detached single-family homes sold YTD in August 2012. The median 2013 YTD sale price in August was $500,000, up 5.3 percent compared to $475,000 in August 2012.
  • Lake Forest - 222 detached single-family homes sold year-to-date, up 40.5 percent compared to 158 detached single-family homes sold YTD in August 2012. The median 2013 YTD sale price in August was $777,500, up 7.5 percent compared to $723,000 in August 2012.
  • Northbrook - 301 detached single-family homes sold year-to-date, up 15.3 percent compared to 261 detached single-family homes sold YTD in August 2012. The median 2013 YTD sale price in August was $499,000, up 2.3 percent compared to $488,000, in August 2012.

Sales and price information is generated by NSBAR with Midwest Real Estate Data.

The North Shore - Barrington Association of REALTORS® (NSBAR) represents more than 3,200 practitioners in residential and commercial real estate. Since 1919 it has been the area's leading advocate for private property rights and a healthy real estate environment. Visit NSBAR online at www.NSBAR.org.

 *Based on Census Tract data, MRED defines the North Shore as including Bannockburn, Deerfield, Evanston, Glencoe, Glenview, Golf, Highland Park, Highwood, Kenilworth, Lake Bluff, Lake Forest, Lincolnshire, Lincolnwood, Mettawa, Morton Grove, Northbrook, Northfield, Prairie View, Riverwoods, Skokie, Wilmette and Winnetka.

The North Shore - Barrington Association of REALTORS® (NSBAR) represents more than 3,200 practitioners in residential and commercial real estate. Since 1919, it has been the area's leading advocate for private property rights and a healthy real estate environment. Visit NSBAR online at www.NSBAR.org.

Contact Information

  • Barbara Matthopoulos 
    Sr. Director of Communications & Media Relations
    Chicago Association of REALTORS 
    Office: 312.214.5511 
    Cell: 312.730.4950 
    bmatthopoulos@chicagorealtor.com