North Shore Housing Market Update

So you’ve probably been wondering what is going on with our housing market, now that restrictions have lifted in many areas and businesses are re-opening steadily.

Well, we are here to tell you that the market in the North Shore is BOOMING. No, seriously. Boom-ing. Agents have the challenge of trying to procure inventory to meet buyer demand. The northern suburbs are seeing a steady influx of buyers, particularly from the city, who are ready to buy and want to move quickly.

This is an atypical market for several reasons. For starters, in the North Shore, the competition among buyers has generally been fairly thin, meaning that it was more of a buyers’ market than a sellers’ market in recent years. There were often periods of time in the marketplace where there was an over-saturation of available inventory, making the absorption rate quite high.

That translated to competitive pricing and incentives from sellers to entice buyers due to there being fewer real buyers than there were homes for sale. It appears that now the tides have turned and we are observing that the supply of available inventory is not enough to meet buyer demand.

What does this mean for you if you’re a homeowner considering selling? Depending on your situation, you may want to consider moving up your timeline on putting your house on the market. Why? Well, because for lack of a better term the market is “hot” and getting hotter!

The opportunity to sell quickly and at a fair market price is there for the taking. For those who were planning to sell in a year or two, you might want to think about moving up that deadline and selling now, if you are in a position to do so. We do want to make it clear that this market shift has not as of yet impacted pricing. The current data does not indicate an increase of sales price for homes in the North Shore.

What the data does show, however, is an increase in the amount of homes under contract year-over-year. New listings entering the market are on the rise compared to earlier in 2020, but they had not quite yet met the same volume as seen in 2019 at the same time until the week of June 29th through July 6th, 2020.

What this data demonstrates is that the summer market is going to be the big selling time for 2020, as opposed to the typical season being spring. Historically the prime time of selling came in the earlier months of the year as buyers and sellers wanted to complete their transactions well in advance of the start of the following school year. As we are sure you have gathered, the shutdowns caused by the COVID-19 pandemic and the question mark hanging over whether or not schools will re-open in the fall has taken these typical factors out of the equation for many buyers.

Real estate is a constantly changing & evolving entity. The market is fluid, not static. What is true today may not be true 2 months from now and certainly not 2 years from now. While we cannot firmly predict the future, we can evaluate the trends and provide advice as to what we believe the best course of action will be. To that end, if you think that you want to sell your North Shore home within the next several months to 2 years, we encourage you to consider discussing why now might be the best time to sell.

The Spaniak Team - eXp Realty is one of the top real estate teams on Chicago's North Shore. http://www.spaniakteam.com

This post is an advertorial piece contributed by a Patch Community Partner, a local sponsor. To learn more about becoming a Community Partner, click here.

The views expressed in this post are the author's own, and the information presented has not been verified by Patch.