Today, we present the facts: nothing fancy, just basic information about the current real estate market.
There are 199 active listings in Wilmette: 10 pending sales and 15 closed sales for a 30 day period ending in mid-January. Of the closed sales, four were for more than $1,000,000.
There are 36 active listings in Kenilworth and 2 pending sales. There were no closed sales during this time period.
There are 175 active listings in Winnetka: 5 pending sales and 8 closed sales for the 30 day period ending in mid-January. Of the closed sales, four were for more than $1,000,000. Of the 175 active listings, 109 are listed for $1,000,000 or higher.
There are 122 active listings in Glencoe: 2 pending sales and 8 closed sales for the 30 day period ending in mid-January.
All these stats really tell us is that there are plenty of homes for sale on the North Shore. Even during the holiday season, a traditionally slow time for home sales, people were buying and selling real estate. We can't determine the seller's or buyer's motivations from this information, nor can we decipher the days on market (DOM), if the seller reduced his price or if the buyer paid cash or got a mortgage. We don't know if these are new homes or homes in need or rehabbing. In short, we cannot tell very much from this set of statistics.
We should not let what we hear or read in the news cloud our ability to evaluate information. We are inundated with bad news and shocking statistics about the housing situation in this country If we operate with that frame of reference when evaluating the stats I provided, things look bleak. If we evaluate the information objectively, we can see that more information is needed in order to determine what is going on here on the North Shore.
More importantly, if you are selling or buying property, these questions and answers can determine your strategy. As some of you know, this chick has been looking at property in beautiful Naples, Florida for the past year. Having recently found a place that makes my heart sing, I was prepared to make an offer. Then I discovered that the place had actually been on the market 9 months longer than I had been originally told. This piece of information changed my approach and initial offer. I didn't end up purchasing this home for reasons that I will share in a later dispatch. The point here is that each property has to be evaluated on its' own unique set of factors. The general market conditions are relevant, only if taken in conjunction with the unique situation of the property you are interested in selling or buying.
All these stats really tell us is that there are plenty of homes for sale on the North Shore. Even during the holiday season, a traditionally slow time for home sales, people were buying and selling real estate. We can't determine the seller's or buyer's motivations from this information, nor can we decipher the days on market (DOM), if the seller reduced his price or if the buyer paid cash or got a mortgage. We don't know if these are new homes or homes in need or rehabbing. In short, we cannot tell very much from this set of statistics.
We should not let what we hear or read in the news cloud our ability to evaluate information. We are inundated with bad news and shocking statistics about the housing situation in this country If we operate with that frame of reference when evaluating the stats I provided, things look bleak. If we evaluate the information objectively, we can see that more information is needed in order to determine what is going on here on the North Shore.
More importantly, if you are selling or buying property, these questions and answers can determine your strategy. As some of you know, this chick has been looking at property in beautiful Naples, Florida for the past year. Having recently found a place that makes my heart sing, I was prepared to make an offer. Then I discovered that the place had actually been on the market 9 months longer than I had been originally told. This piece of information changed my approach and initial offer. I didn't end up purchasing this home for reasons that I will share in a later dispatch. The point here is that each property has to be evaluated on its' own unique set of factors. The general market conditions are relevant, only if taken in conjunction with the unique situation of the property you are interested in selling or buying.
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