This is the 6th post in a series about the local real estate market on Chicago's North Shore.
Northbrook
- The number of homes sold in Northbrook increased by 3.4% in 2011. Most of the increase was in the townhome/condo market where sales increased by 9.6%. Single family home sales increased by 1 house in 2011 compared to 2010.
- Almost 23% of the home sales were distressed properties in 2011. Over 12% were bank-owned properties and over 10% were short sales.
- There is 9 months of inventory for single family homes and over 11 months for condos/townhomes. This reflects a buyers’ market, but it is better than the North Shore averages.
- Northbrook has 138 homes in pre-foreclosure and 74 bank-owner properties, for a total of 212. These distressed properties represent 1.6% of the total housing units (THU) in Northbrook. This is slightly worse than the North Shore as a whole, which has distressed properties at 1.3% of THU. Last July there was a total of 218 distressed properties in Northbrook, so not a lot of improvement on this statistic.
- The median price for a single family home fell by 6.9% in Northbrook, while condos/townhomes saw a decline of 12.8%.
Although Northbrook had an increase in the number of homes sold, this community still has some obstacles to overcome. Similar to Deerfield, 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 Northbrook.
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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