Health & Fitness
It's No Longer A Buyer's Market In Wilmette!
The Wilmette real estate market-pendulum has shifted. Buyers are realizing they no longer are in the drivers seat! For further information, including local market data, read on!
I realize I'm going out on a limb by making this statement. However, based upon local housing trends and the frenetic activity in the market of late, Wilmette is no longer considered a true buyer’s market! Instead we are in a transition period, where neither buyers nor sellers can claim to have the competitive edge. Local inventory, as it pertains to single family homes, is hovering around six months. By that I mean, it would take approximately six months to move the current inventory of single family homes on the market.
Why is this of significance? Market analysts believe that six months is considered the perfect balance between supply and demand. When inventory is above six months, it is considered a buyer’s market, as has been the case for the past several years. January of 2009 was a stagnant period locally, where we had 13 months of inventory. More than a year supply of homes, needed to be absorbed back into the market! At that time, there were more than 200 single family properties in active status marketed on the Multiple Listing Service. Today that number has dwindled down to 108. I should note these numbers do not reflect properties under contract, as the figures would be greater in both cases.
Interestingly, these scenarios are being played out across the board regarding all the communities comprising New Trier Township. Inventory is consistently down from where we were three years ago. The difference is that with the exception of Wilmette, these villages still are considered a buyer’s market, where housing supply is greater than six months. Winnetka and Glencoe are hovering around eight months and Kenilworth and Northfield are at 10 month.
Wilmette truly is the exception to the rule. For those buyers sitting on the fence waiting for the bottom to arrive and those home owners interested in selling but waiting for a more favorable climate, the time is now! Having said that, I welcome all questions, thoughts and concerns regarding the information here, as my conclusion is based not only upon current MLS market data, but also is shared by a number of the top market analysts and pundits following current market trends, including Warren Buffet. Need I say more?
