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North Shore Chicago Real Estate

North Shore Real Estate Market Update

October 12, 2008 - Prices plunged on weak demand for North Shore Chicago Homes in August. According to sales data from the MLS, a total of 324 new and resale single-family homes were sold throughout the North Shore in August, a nearly 19 percent drop in sales from the same period last year. Meanwhile the average sales price of single-family homes sold during August plummeted more than 11 percent from the same period last year, falling from $886,199 to $785,640. The drop in demand for multi-million dollar homes has been one of the major culprits of the decline in the average sales price. A total of just 84 homes were sold for more than $1 million in August, down from 112 units sold during the same period a year ago.

The market for new and resale North Shore Chicago condos and lofts also suffered a significant drop in demand. A total of 131 units were sold in August around the North Shore, a 32 percent decline in demand from the same period last year. It was nearly a 50 percent drop in sales from two years ago, during the height of the real estate boom in Chicago. The average sales price dropped back below $300,000 in August. The average sales price fell by nearly 7 percent from the same time last year, reaching $293,335 in August.

The immediate future for the North Shore Chicago real estate market looks bright for buyers on the market for a great deal on a new or resale home in the area. We've been tracking the listing price of three-bedroom homes around the North Shore for nearly a year. Prices in most areas continue to fall, which will probably mean even further declines in the average sales price of North Shore Chicago Homes in the short term.

Average listing price for a three-bedroom single-family home

City	Oct 1 2007	May 16 2008	Aug 4 2008	Sep 14 2008
Deerfield	$476,852	$457,541	$456,386	$465,441
Evanston	$496,490	$474,639	$471,418	$447,916
Glencoe	$978,295	$1,027,441	$1,006,438	$966,533
Glenview	$534,757	$523,210	$486,612	$472,481
Highland Park	$659,000	$539,903	$570,084	$577,900
Lake Forest	$989,000	$1,129,275	$983,962	$963,193
Northbrook	$487,179	$538,529	$542,082	$529,30
Wilmette	$643,313	$568,524	$584,736	$578,37
Winnetka	$902,198	$1,213,153	$1,151,585	$1,138,297

Prices continue to drop in almost every neighborhood around the North Shore. Just two of the neighborhoods measured saw an increase in the average sales price of a three-bedroom single-family home in August. The average listing price for a three-bedroom home in Deerfield rose to $465,441, while listing prices in Highland Park were up to an average of $577,900. Buyers are starting to see some great deals in neighborhoods such as Winnetka, Lake Forest, and Glencoe. After reaching a high in May, the average listing price for three-bedroom homes in Glencoe fell from $1.02 million to $966,000. Buyers on the market for a luxury home in Winnetka have seen average listing prices drop to $1.138 million after reaching a high of $1.213 million in May.

For example, one four-bedroom and 3.5-bath home that is currently for sale in Winnetka has been dropped in price from $1,189,000 to $1,075,000 in the past few days. This modern home is located at 558 Willow Road. Prices are also coming down in the more affordable neighborhoods such as Evanston and Glenview. One example of a recent deal in Glenview is a three-bedroom and two-bath home at 1733 Maclean Court. This home has been dropped in price $459,500 to $449,000.

The North Shore offers a number of great luxury single-family homes for buyers looking for the best in suburban living. The area is also home to an increasing number of affordable homes for first-time buyers and young families. Those looking for luxury North Shore Chicago Condos can also find an increasing number of opportunities in the area.

Here’s a quick List of Evanston Condos For Sale:
Church Street Village
Sherman Plaza
Prairie Central
Main Street Station