This is second article in a series about residential real estate on Chicago's North Shore. Watch for more communities in subsequent posts!
Deerfield is one of two rising stars on the North Shore with a 23.8% increase in the number of homes sold in 2011 versus 2010. (Glencoe had a 24.5% increase.)
- Over 20% of 2012 home sales were distressed properties (evenly split between short sales and foreclosures).
- The inventory levels at the end of the year were still a bit high with 9 months of single family homes and over 12 months of condos/ available for sale (7-8 months is closer to “normal”). This means that we still have more sellers than buyers.
- According to public records there are over 90 homes in pre-foreclosure in Deerfield and 27 bank-owned properties. These represent about 1.7% of the total housing units (THU) in Deerfield, which is the second highest percentage among the communities I analyzed on the North Shore. This is slightly higher than when I looked at this number in July of 2011 (1.5% of THU). Only Skokie has more distressed properties as a percent of THU right now.
- Median sale prices for single family homes declined by 13.5%. Median prices for condos fell by 11.5%. These declines are worse than the state, and the Chicago PMSA. And similar to the city of Chicago.
Overall I think that Deerfield is heading in a positive direction. Once the distressed properties are out of the market, the downward pressure on prices will relax and we will see some stabilization in prices. For at least the first half of 2012 I expect to see continued price declines in Deerfield.
More to come.
Thank you for reading! If you want to know what is going on in your local market and why, please contact me directly.
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