The North Shore and Barrington marketplaces saw a banner year in 2013, as units sold and pricing showed an increase over 2012, and market times decreased, showing a promising rebound year for the various neighborhoods.
“Many great factors contributed to a successful recovery year in our markets as our communities welcomed new buyers and families looking to make the North Shore and Barrington areas their home,” said REALTOR Jim Votanek, President of the North Shore - Barrington Association of REALTORS® (NSBAR) and Senior Sales Support Manager with Baird & Warner, Barrington.
“Motivated sellers looking to right-size or make a move more conducive to their lifestyle helped increase inventory that otherwise may have not been on the market. Historically-low interest rates, paired with the feeling of a more stable economy, also provided myriad new financing options for first-time and move-up buyers. In addition, cash buyers continued to bring their investment dollars to our region, paying for their homes outright, and making solid offers to buyers looking to make their next move,” added Votanek.
NSBAR continued to charge ahead with other local and state REALTOR associations in advocating for affordability by pushing for higher FHA conforming loan limits. “Ensuring viable lending options are available for buyers is key to bringing new homeowners into our communities. Lower limits can often price out credit-worthy buyers looking to purchase an average priced home in many of our suburban communities,” said Votanek.
Last year a total of 7,713 homes (condos and single-family) were sold in the North Shore and Barrington region, up from 6,412 homes sold in 2012 and from 5,141 homes sold at year-end in 2011 – a 33.3 percent increase in 2013 over 2011 in units sold.
out an unusually exciting year in 2013, we have a tremendous foundation for
2014 ,” Votanek noted. “We are enthused by the renewed interest in the sound
communities of Barrington and the North Shore. Steady home sales in 2014 will
ultimately lead to what may feel like a slower market by comparison, but one
that provides sustainable pricing for the market ahead,” Votanek added.
the North Shore-Barrington region, year-over-year housing market highlights
- Barrington area – 577 detached single-family homes sold in 2013, up 19.7 percent compared to 482 detached single-family homes sold in 2012. The median 2013 sale price was $490,000, up 7.7 percent compared to $455,000 in 2012.
- Evanston – 489 detached single-family homes sold in 2013, up 13.5 percent compared to 431 detached single-family homes sold in 2012. The median 2013 sale price was $461,000, up 4.8 percent compared to $440,000 in 2012.
- Golf-Glenview – 540 detached single-family homes sold in 2013, up 18.4 percent compared to 456 detached single-family homes sold in 2012. The median 2013 sale price was $487,000, up 9.1 percent compared to $446,500 in 2012.
- Lake Forest – 313 detached single-family homes sold in 2013, up 30.4 percent compared to 240 detached single-family homes sold in 2012. The median 2013 sale price was $780,000, up 11.4 percent compared to $700,000 in 2012.
- Northbrook – 424 detached single-family homes sold in 2013, up 14 percent compared to 372 detached single-family homes sold in 2012. The median 2013 sale price was $503,500, up 3.6 percent compared to $486,000 in 2012.
The lead advocate for property ownership issues in the North Shore and Barrington markets, some of the issues the REALTOR association supported in 2013 included quashing a major statewide sprinkler mandate, as well as rolling out new continuing education requirements increasing hours and requirements for brokers and managing brokers transacting real estate.
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.