Houses Selling For Less In Lake Forest, Lake Bluff This Year

LAKE FOREST, IL — Declining demand has driven down housing prices across most of the north suburbs, and Lake Forest and Lake Bluff have not escaped the declines. The number of detached single-family homes sold in Lake Forest through the end of June 2018 rose by 13.8 percent compared to last year, as average sale prices fell, according to data from local realtors. Closing prices also declined in Lake Bluff where fewer homes were sold than at the same point last year.

Across the rest of the north suburbs, the number of new listings, closed sales and houses under contract all fell in 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. New listings are up by 1.2 percent to 1,459. However, the number of closed sales dropped 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 Lake Forest, there were 140 detached single-family homes sold in 2018 by the end of June. That's 17 more than last year at the same point. At the same time, the average sale price has declined, with the median falling by 3.2 percent from $860,000 to $832,500.

Lake Bluff saw four fewer homes change hands in the first half of this year compared to 2017. The median sales prices of the 67 houses that sold through the end of June fell by 11.5 percent compared to last year, declining from $565,000 to $500,000.

For the north suburban housing market as a whole, the median sales price fell 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 that 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.

Highland Park

• 203 detached single-family homes were sold year-to-date, down 9.8 percent compared to last year.
• Median June 2018 sales price: $520,000, down 0.4 percent.

Highwood

• 10 detached single-family homes were sold year-to-date, down from 11 at this time last year.
• Median June 2018 sales price: $505,000, up 35.8 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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