There's No Place Like Home-First Quarter Numbers

During the 1stQ of 2012 there were 23 single family homes that closed in Winnetka with an average sale price of $1,651,788. The most expensive home was sold for $4,900,000 on the lakefront; the least expensive was a bungalow home closing at $355,000. Last year 29 homes sold during the 1stQ however this time last year fewer homes were pending closing and inventory was nearly 5% higher.

In Glencoe 23 single family homes sold with an average sale price of $1,355,435 during the 1stQ. The highest price paid for a single family home in Glencoe was $7,500,000 for a home on the lake and the least expensive closed at $282,500.  During the 1stQ of 2011 31 single family homes closed in Glencoe.  Inventory in Glencoe is down about 9% from this time last year.

Our markets continue to stabilize, correct and recover.  From January 2007 through December 2011 the average depreciation of home values in Winnetka and Glencoe was 25.3%.  However from January 2010 through December 2011 values have decreased just an average of 3.9%.  This may indicate that we truly are bouncing around the bottom of the real estate market place.  The colossal, free-fall decline in home values seems to be over. Many homes for sale are getting multiple offers if that home is priced appropriately for today's market.

It’s important to remember that real estate is hyper local and when purchasing an area home it is wise to work with a local agent. Please feel free to contact me at smolitor@koenigstrey.com with any comments or questions.