Covid-Era Home Sales on Chicago's North Shore
COVID-19 has prompted lots of moves in the Chicagoland area, how does your town stack up with respect to home sales activity?
Initially, most communities experienced a steep drop in home sales as the pandemic took hold but by May, housing activity exploded! The pace is still quicker than previous years at this time and the outlook remains positive for a strong North Shore market.
The post-Covid market has boosted Deerfield's lagging housing market in recent months, with September 2020 hitting a 2 year high for under contract activity! With commuting concerns greatly reduced, buyers are flocking to Deerfield for its affordable homes and wonderful lifestyle.
Interestingly, even during the height of Covid shut-downs (February and March of 2020), Evanston was one of the few real estate markets that stayed strong, The last few months are higher than usual with a slight trailing off, which is to be expected.
Glencoe experienced an incredible surge in the market as a result of the pandemic - with recent 2+ year high's in June and July of 2020. New Trier schools, affordable homes, an adorable town and lakefront recreation options make Glencoe a winning combination for North Shore buyers. We see some decrease in the numbers which we believe is a result of low inventory - there isn't a lot to buy in Glencoe right now!
Glenview's surge has been strong and swift, with August remaining relatively steady. We are seeing a slight drop in September but, again, likely a product of reduced inventory. September still has stronger under contract activity than a typical March,
Highland Park represents tremendous value for today's buyers and they are flocking to take advantage. After a couple of years of low activity, August in Highland Park was double last year's numbers and 3 times that of August 2018!
While the tempo of Kenilworth's market in past years has been laid back, this summer kicked it into high gear as newly-developed buyer preferences intersected with empty nester's seeing an opportunity to sell. Kenilworth's large homes with huge backyards were suddenly in high demand! While city buyers want the space, current North Shore residents see an opportunity to upsize, all while capitalizing on historically low interest rates. September levels are lower as a result of decreased inventory, which is at a 10 year low.
Northfield is known for its oversized lots and green landscape everywhere - this has resonated with buyers as summer contract activity reached a 2 year high. While there was a slight drop-off in August, numbers seem to be still pushing higher as September reveals.
Summer has been strong in Northbrook. With June, July and August all racking up record highs in contract activity, Northbrook's market is projected to remain robust with September trending slightly down but minimally so.
Skokie has also stayed strong throughout the summer and was also one of a handful of communities that stayed strong throughout the depths of the pandemic shutdown. While Skokie has been a strong market for the last couple of years, September saw Skokie blast into its highest under contract activity level since May 2017.
Wilmette enjoyed a 2+ year peak in June 2020. While contract activity has stayed strong since then, there is evidence of some weakening in August and September. Despite the dip, all four months log in with record or near-record high's.
At first glance, it appears Winnetka may be experiencing a downtrend - but a deeper look shows that June's numbers were off the charts - and August (while lower) was still more than double a typical August so the market was performing well. Inventory levels in Winnetka are very low - with the exception of December 2018 and December 2019, October 2020 begins with a 10 year low in inventory.
Chicago Lincoln Park - 60614
Those of us on the North Shore feel as if the flood of city buyers to the 'burbs is significant so we assume the city market is suffering - yes and no - as you can see from the below numbers, there is still plenty of contract activity happening and the numbers are pretty stable. Undoubtedly, relocation buyers and the draw of our tech industry help the cause. The other side of the story is rising inventory levels. The number of homes on the market in Lincoln Park as of September 30, 2020 (both single family and attached homes) is at its highest level since August 2011.
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