MARISSA HOPKINS SEMI-ANNUAL 2020 HOME SALES REPORT
How Covid has affected the North Shore Market - Marissa's Semi-Annual Home Sales Report
North Shore Semi-Annual Home Sales - The Covid-19 Affect
Below is my Semi-Annual Sales Report for Single Family homes on the North Shore. It's 5-years in review, so it quickly shows trends by community. What is most interesting is that Covid-19 didn't slow the market as much as one would think. Sales in the beginning of this year began early and intensely. Yes, the pandemic virtually stopped the market for two months –so take that into consideration as you view these numbers (most of the 2020 sales occurred in a 4 month timeframe!) But sales starting in May & June quickly regained momentum and in some towns, like Highland Park, this micro-market has made a come-back already significantly exceeding 2019 sales. Evanston, Lake Bluff, Lake Forest and Glenview are also doing well. BTW, I sold 4 homes during Covid - so the market wasn't completely dead!
Of the greatest value is to know the current market value of your individual home --Even if you aren't planning on selling in the near future. Just let us know, and we can determine that for you.
So why all this activity? For the suburbs, I think that there are a number of reasons. First there has been a pent up demand that stimulated buyers -early in the year- given historically low mortgage interest rates (below 3% for 30 year fixed loans). That, now coupled with Covid, has people re-thinking where the ideal place is to live and what that looks like…dramatically. Moving to the suburbs where there is more space and freedom is a huge factor. Buyers also want bigger homes, backyards, separate offices, exercise rooms, Swimming pools (! –to entertain older kids) -- to stay in place. This is especially true for young families who are very protective of the health of their young children, but also applies to anyone living in multi-family homes (i.e. condo buildings). Those folks are concerned about the public spaces, such as elevators, they need to frequently use. Interest rates are still low and the number of houses on the market is way down…and buyers are very active. This all bodes very well for home sales on the North Shore.
So here are the facts, by suburb, in black & white.
MARISSA HOPKINS TEAM’S ANNUAL HOME SALES REPORT 2018*
This exclusive report shows Single Family Home sales for all of 2018 by community and provides a four year overview to give you a sense of the trends and changes in the housing market in your community. The source of the data is the Midwest Real Estate Data (MRED)*, the "Multiple Listing Service” (MLS) for our area.