In my blog a few weeks ago I provided a Cliff’s Notes summary of housing sales in Glenview Illinois (on Chicago‘s North Shore), comparing 2014 to 2013. A little longer view is interesting because it shows the result of the real estate market collapse and the subsequent rebound. This blog will deal with Glenview, not merely The Glen which is the upscale housing and retail development on the grounds of the former Naval Air Station Glenview.
Real estate sales and home prices increased rapidly in the early 2000’s peaking roughly in 2006 and 2007, when the home price “bubble” burst. 382 single family homes sold in Glenview in 2006. From there the decline was rapid and severe. 348 homes sold in 2007, a decline of 9%. In 2008 the story was even worse with only 290 homes sold, a decline of nearly 17%. From this point through 2013 home sales rose, as follows:
So, from the low of 290 sales in 2008 to 536 in 2013, single family home sales increased 85%.
2014, however, was a different story. Home sales declined to 472. The question is why? Well, I suspect it was largely a hangover from the huge number of sales listings in 2013. In other words, as economic conditions improved in 2013 many homeowners – those who had been waiting to sell for years – finally listed their homes. With so many homes sold in 2013, there were fewer homeowners wishing to move in 2014. Some perspective is helpful, though. 2014, while having fewer sales than 2013, experienced the second highest number of sales in 10 years. So…was it a disappointing year? I say not. The market merely corrected a bit as a response to 2013.
I don’t yet have full year sales data for The Glen, but having analyzed two of its neighborhoods in depth, I believe we will find a similar pattern to greater Glenview. When I’ve completed my analysis, I will write about it in a future blog.
Glenview is an incredible place to live. If you are interested in living here – and perhaps in The Glen where I live – please email me at Margaret.Ludemann@gmail.com or give me a call at 847-401-1802.
Margaret Ludemann, @properties Realtor