Friday, June 29, 2012

Wilmette single family home sales up 40%, could rival 2007

Wilmette Harbor, photo Eric Rojas

Summer means North Shore beaches and mid-summer home sale numbers in Wilmette. While looking at single family homes this season it has appeared to me a good market for unit sales and stable prices. 

2012 Wilmette Home Sales Heating Up

In the first half 2012 (January 1st to May 31st) 111 single family homes have closed- up 40% over first-half 2011. 164 total homes have closed so far this year (January 1st to June 28th) and that makes unit sales up 45% over 2011 same period. June 29th (today) is the last Friday of the month and we could see a good number of closings that will push that  number up even higher. There are currently 86 homes under contract with a median asking price of $699,000.
House fronting Gillson Park, Photo Eric Rojas

Langdon Beach, photo Eric Rojas

2012 median price for a house from January 1st to June 28th is about $555,000.  This may reflect a higher number of sales in the western part of Wilmette for ranch and split level homes as low interest rates as buyers and sellers take advantage of lower list pricing, low interest rates and general market buzz.  In 2011 during the same period (January 1st to June 28th), 113 homes closed with a median around $645,000.  With 86 homes under currently under contract with a median asking of  $699,000, we should also see the median price creep upward for the year.

Wilmette single family home sales the previous 5 years (2007-2011)

2011: 262 homes closed
2010: 267 homes closed
2009: 213 homes closed
2008  244 homes closed
2007  316 homes closed

2012 should be the strongest year for unit sales in Wilmette since 2007. It is still tough to squeeze into a sizable "move-in ready" three bedroom, two baths anywhere near the lake (within 1/12 miles) for under $525,000.  These homes under $525K tend to be smaller "colonials"... tough on a family of "five -plus" like mine!  However, just east and west of Route 94 is a bargain for leafy, quiet suburban life with parks, close by major retail and highly ranked schools.
House fronting Gillson Park, photo Eric Rojas