Highland Park Home Sales, Prices Down For First Half Of 2018

HIGHLAND PARK, IL — Declining demand has driven down housing prices across most of the North Shore, according to records of area home sales through the end of June. In Highland Park this year, more homes have changed hands even as the average sales price has fallen. The median closing price on a detached single-family home sold in the first half of 2018 was down by nearly 6 percent.

Across the rest of the north suburbs, the number of new listings, closed sales and houses under contract all fell through the second quarter of 2018 compared to the same period last year, according to local real estate data.

The number of homes under contract fell by slightly more at 3.8 percent and the average sales price fell by 4.3 percent in 2018, dropping from over $750,000 to under $718,000 in the north suburban market. The number of new listings in the area was up by 1.2 percent to 1,459. However, closed sales were down from 628 in June 2017 to 605 last month – a decline of 3.7 percent, according to information from Midwest Real Estate Data compiled by the North-Shore Barrington Association of Realtors.

In Highland Park, there were 203 homes sold in the first half of 2018 compared to 225 last year, representing a a decline of nearly 10 percent. Average sale prices also fell. Fewer high-priced outliers in 2017 led to a nearly $62,000 decline in the mean sales price for detached single-family homes. However, the median fell only slightly, sliding just 0.4 percent from $522,000 to $520,000.

In neighboring Deerfield, the median sales price fell by 5.8 although more homes were sold than last year at the same point. On the other hand, in Highwood, where 10 homes were sold compared to 9 in the first half of 2017, sales prices were notably higher. The median sales price there was up nearly 36 percent to $505,000.

For the north suburban housing market as a whole, the median sales price dropped by 8.1 percent, from $631,000 to $580,000 compared to last year. At the same time, the average listing price has increased by 4.4 percent, which has bumped up the ratio of listing price to final sale price to 93.7.

Overall housing supply in the area also fell. The inventory of 3,978 homes on the market was down by 2.5 percent compared to last year.

So far in 2018, there have been 2,553 detached single-family homes sold in the area and median sales prices are up 2.67 percent, according to NSBAR. The number of communities in the market reported an increase in the number of June home sales slightly declined from 2017.

Real estate data from other North Shore towns compared to a year ago:

Deerfield

• 178 detached single-family homes were sold in 2018 so far, up 11.2 percent from last year.
• Median June 2018 sales price: $531,250, down 8.4 percent.

Evanston

• 228 detached single-family homes have been sold year-to-date, the same number sold at this point last year.
• Median June 2018 sales price: $559,500, up 5.3 percent.

Kenilworth

• 26 detached single-family homes were sold in 2018 to date, down 23.5 percent since last year.
• Median June 2018 sales price: $1,240,000, down 13.3 percent.

Glencoe

• 88 detached single-family homes were sold year-to-date, up 10 percent compared to last year.
• Median June 2018 sales price: $870,625, up 3.2 percent.

Glenview-Golf

• 273 detached single-family homes were sold year-to-date, down 10.8 percent compared to last year.
• Median June 2018 sales price: $565,000, up 3.4 percent.

Lake Bluff

• 67 detached single family homes sold year-to-date, down 5.6 percent compared to last year.
• Median June 2018 sales price: $500,000, down 11.5 percent.

Lake Forest

• 140 detached single-family homes sold year-to-date, up 13.8 percent compared to last year.
• Median June 2018 sales price: $832,500, down 3.2 percent.

Lincolnshire

• 47 detached single-family homes were sold year-to-date, down 4.1 percent compared to last year.
• Median June 2018 sales price: $515,000, up 5.5 percent.

Lincolnwood

• 51 detached single-family homes were sold year-to-date, down 17.7 percent compared to last year.
• Median June 2018 sales price: $400,000, up 6.8 percent.

Morton Grove

• 129 detached single-family homes were sold year-to-date, down 10.4 percent compared to last year.
• Median June 2018 sales price: $330,187, up 1.6 percent.

Niles

• 115 detached single-family homes were sold year-to-date, down 1.7 percent compared to last year.
• Median June 2018 sales price: $318,000, up 2.3 percent.

Northbrook

• 203 detached single-family homes sold year-to-date, down 18.5 percent compared to last year.
• Median June 2018 sales price: $568,000, up 3.3 percent.

Northfield

• 36 detached single-family homes sold year-to-date, up 20 percent compared to last year.
• Median June 208 sales price: $583,000, down 13.6 percent.

Skokie

• 229 detached single-family homes have been sold year-to-date, down 3.8 percent compared to last year.
• Median June 2018 sales price: $345,000, up 6.5 percent.

Vernon Hills

• 103 detached single-family homes have been sold year-to-date, down 16.3 percent compared to last year.
• Median June 2018 sales price: $405,000, up 1.3 percent.

Wilmette

• 219 detached single-family homes have been sold year-to-date, up 9 percent compared to last year.
• Median June 2018 sales price: $820,000, up 13.9 percent.

Winnetka

• 122 detached single-family homes have been sold year-to-date, down 13.5 percent. The median sale price in June 2018 was $1,182,000, up 5.3 percent.

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