Great Time to Buy in Northshore!

According to the NorthShore Insider the real estate market in the Northshore area has been suferring. October was the worst month it's had, condo sales and single family home sales were off sharply. According to data from the MLS, a toal of 196 new and resale single-family hoems were sold in the reqion over the last month... a 20% decline in demand from the same period last year. The average sales price of homes has also dropped to $705,523, down from $880,401. The dramatic drop in demand for the most expensive homes in neighborhoods such as Winnetka and Glencoe was the main culprit for the slide in the average sales price.


Condo sales also took a big hit. Accordign to MLS data, only 91 new and resale condos were sold in the previous month, down 24% from the same period last year. The average price plunged to their lowest levels in two years. The average time for turnover in the North Shore has risen to 181 days, up from the previous 94 days.

Buyers haven't returned to the market yet to take advantage of deals in the North Shore neighborhoods yet. Listing prices have plunged in Glencoe and Winnetkam, two exclusive markets in the area. This can possibly be due to the fact that many homeowners are simply waiting for a better market, particularly more wealthy homeowners that aren't facing foreclosure.

Now is a great time to take advantage of the property prices in the North Shore.