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What’s Going On In The Wilmette Market? The Answer in 4 Charts – Oct 2018

October 27, 2018 by Lisa Finks Leave a Comment

There has been a lot of talk about skittish buyers and drops in home sales in the Chicago area.  I was curious how that translated to the Wilmette market so analyzed the data and was surprised by what I found.

First, showing activity – it is essentially even with last year and, in some weeks, up over 2017 numbers.  So buyers are out shopping in equal numbers to one year ago!  That is good news.

Wilmette-showings-by-weekNext, I looked at Under Contract activity.  After all, if buyers are looking but not buying – that doesn’t help the market at all. . . 

But under contract activity is also about even with 2017, so buyers seem to be buying as many Wilmette homes now as they did in the third quarter of last year.

Wilmette Under Contract Activity By Month

Wilmette Under Contract Activity By Month

 Wilmette Under Contract Activity By Month

Wilmette Under Contract Activity By Month

Since showings and under contract activity are just as strong in 2018 as in 2017, I wanted to check one last metric – inventory levels.  And those have risen in 2018 v. 2017 so there are more homes on the market.  The months supply of home has increased from 5.1 months a year ago to 6.1 months.  In raw numbers, 158 detached homes were for sale in Wilmette on 10/27/17 and 179 are on the market right now (10/27/18), one year later.  So with more inventory and stable showings/under contracts, it can feel like activity has slowed. . .

Months Supply Wilmette October 2018

Months Supply Wilmette October 2018

While a greater supply can lessen demand and push down price – there is more good news in that prices have held firm and have actually seen improvement in the last several months.

Wilmette Average Sales Prices October 2018

Wilmette Average Sales Prices October 2018

In sum, the Wilmette market is strong!  It’s still a great time to buy and sell!

For sellers, make sure your home is prepped to sell and priced competitively to contend with increased competition. 

For buyers, even though interest rates are rising, they are still at historically low levels and with a strong economy, it’s still a great time to invest in your future by purchasing a home.

Whether buying or selling, I’m happy to help.  Please call me at 847-778-0540 or email me at Lisa@LisaFinks.com.

For details about my exclusive Strategic Seller Program, click here.

For details about the comprehensive services offered to buyers, click here.

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Lisa Finks, Lourdes Arencibia & Carolyn Duris, 565 Lincoln Ave, Winnetka, IL (847) 778-0540 info@northshoreaddress.com

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© 2019 Lisa Finks, Compass Real Estate. All Rights Reserved.

LISA FINKS, LOURDES ARENCIBIA & CAROLYN DURIS ARE REAL ESTATE AGENTS AFFILIATED WITH COMPASS, A LICENSED REAL ESTATE BROKER WITH A PRINCIPAL OFFICE IN CHICAGO, IL, AND ABIDE BY ALL APPLICABLE EQUAL HOUSING OPPORTUNITY LAWS. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. INFORMATION IS COMPILED FROM SOURCES DEEMED RELIABLE BUT IS SUBJECT TO ERRORS, OMISSIONS, CHANGES IN PRICE, CONDITION, SALE, OR WITHDRAWAL WITHOUT NOTICE. NO STATEMENT IS MADE AS TO ACCURACY OF ANY DESCRIPTION. ALL MEASUREMENTS AND SQUARE FOOTAGES ARE APPROXIMATE. THIS IS NOT INTENDED TO SOLICIT PROPERTY ALREADY LISTED. NOTHING HEREIN SHALL BE CONSTRUED AS LEGAL, ACCOUNTING OR OTHER PROFESSIONAL ADVICE OUTSIDE THE REALM OF REAL ESTATE BROKERAGE.