Morton Grove, Niles Home Sales Edge Downward In 1st Half Of 2018

MORTON GROVE, IL — Declining demand has driven down housing prices across many north suburban municipalities, and sales of single-family homes in Morton Grove and Niles this year have been no exception. In 2018 to date, median sales prices grew slightly in both towns, but the number of homes sold has declined, according to data from local realtors.

Across the rest of the north suburbs, the number of new listings, closed sales and houses under contract all fell as of the end June 2018 compared to the same period in 2017. 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, according to local real estate data, dropping from over $750,000 to under $718,000 in the north suburban market.

Overall new listings were 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 Morton Grove, there have been 129 detached single-family homes sold in 2018 so far, down from 144 last year. The average median home sale in Morton Grove this year is just over $330,000, which is up more than $5,000 – or 1.6 percent – compared to last year.

In Niles, 115 homes had been sold by the end of June, which was two fewer than last year at the same time. Median sales price rose by 2.3 percent, climbing from $311,000 to $318,000.

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.

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.

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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