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North Shore and Barrington“It is not yet the beginning of the end, but it is the end of the beginning.” The housing numbers we are seeing in places around the country, including the North Shore-Barrington market, suggest that the housing slowdown has stopped. We are not yet ready to proclaim that the upturn is here, but the bleeding has stopped and there are more things associated with rising markets happening and fewer things associated with declining markets The Relevant NumbersIn the cyclic progression described above, the change in the market from declining to rising is announced by changes in three numbers, in a specific order. First, the number of new listings stabilizes and then declines. This signals that sellers are becoming realistic about the state of the market and are withdrawing their properties until a more favorable market develops. In the NSBAR case for August 2007, new listings are down or unchanged in both Barrington and the North Shore for both detached and attached single-family houses. The second signal that the market is changing is a decline in days on the market. This means that homes are priced accurately and that buyers are beginning to return and sniff at the market. The August numbers still show an increasing DOM for both Barrington and North Shore in all properties. In coming months, watch this number. It will be your indication that the market is clearly moving to an up cycle. Finally, a market on the upswing will exhibit a rising ratio of list price to sales price. This shows that buyers are back and are willing to pay close to list price for homes. Again, the number is off for NSBAR, August 2007 from August 2006. It will turn after the DOM, and will be confirmation of the market turn. |
North Shore-Barrington Association of REALTORS450 Skokie Blvd, Bldg. 1200 Phone: 847.480.7177 |
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