MARISSA HOPKINS' 2020 HOME SALES REPORT
Home Sales on the North Shore in 2020 were as topsy-turvy as everything else this year.
The total number of North Shore homes sold were far greater than at least since 2007 -as far back as the Multiple Listing Service (MLS) has accessible data. By year-end, the number of homes available for sale was historically low, leaving many serious buyers still shopping. The pandemic radically changed buyer behavior making the suburbs very appealing. All of this, plus record low interest rates got buyers off the sidelines.
Given these facts (detailed information below), I expect the 2021 Winter and Spring Markets to be stronger than ever on the North Shore: --a sellers’ market-- with prices climbing in 2021.
With low interest rates expected to continue and robust demand here on the North Shore, now is the time to sell or buy (before prices rise further). If anyone you know is thinking about or ready to make a move, please either send me their contact info or have them contact me. I am happy to discuss the best strategy to achieve their real estate goals in today’s market.
Here are some of the most salient facts -comparing 2020 to 2019. My detailed North Shore -Single Family- Home Sales by Suburb Report will follow.
Due to the Pandemic, Buyers’ Needs Have Changed
Making the Suburbs an Increasingly Popular Place to Live.
Buyers are looking for bigger homes with more differentiated and private spaces. These include an office -with a door-, “classroom,” exercise room, quiet relaxation space(s), entertainment spaces inside and outside, including swimming pools and fenced yards for the many with “new” four-pawed friends!
Buyers want greater availability of outdoor space in the community for health and wellness.
Telecommuting has made distance from work much less of a limitation, freeing up workers to focus on suburban locations and these other priorities. I believe the pandemic will continue to dominate all our lives this year…and our memories well beyond. So I don’t see this trend changing.
Low Inventory and High Demand Resulted in Historically High Unit Sales
Chicago area buyers showed a strong preference for the suburbs, concluding with all of the North Shore suburbs ending the year with significantly fewer homes for sale. On Average the housing inventory on the North Shore was DOWN -47%. The range was -27% in Lincolnshire to -66% down in Evanston. Where there was a large stockpile of inventory from the several previous years of a slow market, buyers quickly cleared that inventory resulting in exceedingly high sales in those communities such as Lake Forest (up 63% in units sold) and Highland Park (up 58%). On average 28% more homes sold on the North Shore in 2020 vs. 2019 demonstrating the demand for suburban homes.
Price Appreciation on the North Shore was up 5%
Prices didn’t follow suit as much as expected…though they rose in 10 out of our 17 communities. With inventory now at record lows, 2021 is forecast to be a sellers’ market with prices continuing to rise.
MARISSA HOPKINS' 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.