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Evanston Housing Market Showed Strength in November

The fall market continued to show tremendous activity in the communities of the North Shore and Barrington regions as units sold and median pricing across increased in November.

“Trends show an unprecedented November as summer buyers rolled into the fall market seeking the home best for their needs, as lower inventory means fewer homes for buyers to choose from,” said REALTOR Jim Votanek, president of the North Shore-Barrington Association of REALTORS® (NSBAR) and senior sales support manager with Baird & Warner, Barrington.

“In communities like Lake Forest, where we have seen a significant increase in recent months in the number of homes sold, both cash and credit-ready buyers have been able to make offers that have motivated sellers to consider the next right-sized home for their needs,” added Votanek. Lake Forest alone has seen an increase of 40.8 percent in detached single-family homes sold through November 2013 over the same period in 2012 (see additional stats below).

While cash and repeat buyers continue to find stellar opportunities in this market, first-time homebuyers should diligently be shopping with their REALTOR® and immediately be prepared to make an offer when the home is right.

“Being credit-ready and having your financial house in order is super critical in this market,” Votanek noted. “There are great deals available as sellers are motivated by various factors when selling today. It’s imperative that first-time homebuyers have their financing in order, and work with a REALTOR® to identify the right buying opportunity with inventory at recent historic lows and days on market reflecting well-priced homes will sell fast.”

Votanek concluded, “Now is really the time buyers and sellers should be contemplating what their 2014 plans are – if a move is in your future, start planning for it. Interest rates remain at an attractive low, but next year’s market will likely change that, and make North Shore and Barrington less affordable for those looking to buy or sell.”

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

- Barrington area – 540 detached single-family homes sold year-to-date, up 17.9 percent compared to 458 detached single-family homes sold YTD in November 2012. The median 2013 YTD sale price in November was $500,000, up 9.5 percent compared to $456,500 in November 2012.

- Evanston- 440 detached single-family homes sold year-to-date, up 9.2 percent compared to 403 detached single-family homes sold YTD in November 2012. The median YTD 2013 sale price as of November was $456,000, up 3.4 percent compared to $441,000 in November 2012.

- Golf-Glenview– 498 detached single-family homes sold year-to-date, up 19.7 percent compared to 416 detached single-family homes sold YTD in November 2012. The median 2013 YTD sale price in November was $485,000, up 6.4 percent compared to $456,000 in November 2012.

- Lake Forest – 290 detached single-family homes sold year-to-date, up 40.8 percent compared to 206 detached single-family homes sold YTD in November 2012. The median 2013 YTD sale price in November was $780,500, up 10.7 percent compared to $705,000 in November 2012.

- Northbrook– 393 detached single-family homes sold year-to-date, up 11.3 percent compared to 353 detached single-family homes sold YTD in November 2012. The median 2013 YTD sale price in November was $500,000, up 3.1 percent compared to $485,000, in November 2012.

- Wilmette – 166 detached single-family homes sold year-to-date, up 4.4 percent compared to 159 detached single-family homes sold YTD in November 2012. The median 2013 YTD sale price in November was $161,250, up 15.3 percent compared to $139,900, in November 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 3,300 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.

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