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January Home Sales, Pricing on Steady Climb in Normally Slow Season

January is off to a solid start, as the North Shore-Barrington Association of REALTORS® (NSBAR) reports steady increases in units and pricing for what is often a slower time of year.

In Golf-Glenview, 27 detached single-family homes sold in January 2014, up 8 percent compared to 25 detached single-family homes sold in January 2013. The median sale price in January 2014 was $600,000, up 29 percent compared to $492,500 in January 2013.

On the North Shore, 212 detached single-family homes sold in January 2014, up 9 percent compared to 193 detached single-family homes sold in January 2013. The median sale price on the North Shore in January 2014 was $512,500, up 22 percent compared to $404,500 in January 2013. The average time on market in January 2014 was 103 days – 48 fewer than in the same period in 2013.

“A strong 2013 led to many buyers continuing to come out even in the winter months which can often be slower due to weather and a desire to wait for the spring market,” said REALTOR  Jim Votanek, President of NSBAR and broker with @properties, Libertyville.

“Shorter market times are indicators that lower inventory levels are making sellers be more decisive about their purchasing decision, and realistic in the offers they are prepared to make,” added Votanek. 

Interest rates continue to offer an optimal climate for first-time homebuyers looking to purchase. “The economy’s ability to make housing options affordable has significant impact on our ability to get first-time purchasers into the right home for their financial needs and lifestyle preferences,” said Votanek.

In January 2014, a total of 362 homes (condos and single-family) were sold in the North Shore and Barrington region, down from 367 homes sold in January 2013 and up from 288 homes sold in January 2012 – a 21 percent month-over-month increase in 2014 over 2012 in units sold.

“This year will be particularly interesting as we watch inventory levels, and ultimately the desire of sellers to get off the fence and list their homes,” Votanek noted. “Sellers have become more savvy, and realize that as they work with their REALTOR® to list their home at a compelling price, many more offers will come their way.  Strategic pricing, paired with simple home staging and winter clean up, can put a home ahead this selling season.”

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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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