This was the headline in the morning email blast from Crain's . We all felt the slowdown; the story is somewhat sobering. However, the numbers on the North Shore are quite different. Here's a sampling of Year-to-Year comparisons:
(Note: I opted to use Contract Dates, when a contract was agreed upon. That's a better gauge of activity.)
When you look at transactions, you'll note that as we work up the Shore, the transaction volume drops. Not coincidentally, prices also rise which would make sense. As credit requirements got tighter, money has not been as readily available. Yet, the average contract price in Kenilworth surged 6.7%! Overall, the average sales price did not drop as much as it has in other markets. Again, that's a sign of the attractiveness of our communities - their proximity to Chicago, mass transit options, the amenities, etc.
Real estate is a local market, not a national market, regional market or any market beyond your zip codes/school district. I need to remind myself of that when I see these news stories.
More to come.
DS
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