Active listings continue to increase, except for Highland Park where inventory fell.  Most of that inventory has been sold, and check out the closing prices for Highland Park between April and May, almost  $50,000 lower.

Riverwoods and Northbrook had sales price drop around $75,000 from April to May, and Lincolnshire around $40,000 decrease.  While Deerfield remained steady with a median close price of $675K, but prices were hard won with an increase of almost an additional month of market time.

Also look at under contract, prices seem to be falling for Deerfield, Riverwoods, and Lincolshire, while Northbrook and Highland Park seem to be increasing.

                                                    What does all this mean?

Increase in active listings, more inventory will continue to create a downward pressure on prices.  In a hot market we might see prices at three percent below asking price, in todays market we are seeing sales prices five, seven, even 10% below asking price.

While we still do not know where the bottom is in the market, great opportunities exist for buyers, especially first time buyers.  Buyers that expect to be in their new home for several years will  be in homes that will experience appreciation, and  they will  have lower interest rates.

The opportunity for buyers:  Excellent selection of homes at all price points with attractive financing .  Sellers are making offers of lease to purchase, and  seller financing and buy down rates.

                                                           DEERFIELD 

                                                April                                       May

• Active Listings           207                                          218
• Median Price              $657,500                                 $653,750
• Ave Mkt Time                        189                                          190
• Under Contract           25                                            23
• Med Cont Price          $599,900                                 $539,900
• Ave Mkt Time                        189                                          112
• Closed                         29                                            35
• Med Close Price         $675,000                                 $675,000
• Ave Mkt Time                        209                                          244

                                                            RIVERWOODS

• Active Listings           57                                            60
• Median Price              $889,000                                 $997,000
• Ave Mkt Time                        218                                          226
• Under Contract           6                                              7
• Med Cont Price          $1,014,500                              $885,000
• Ave Mkt Time                        110                                          140
• Closed                         8                                              10
• Med Close Price         $1,014,313                              $938,813
• Ave Mkt Time                        222                                          208

                                                            HIGHLAND PARK

• Active Listings           366                                          361
• Median Price              $869,000                                 $835,000
• Ave Mkt Time                        262                                          261
• Under Contract           45                                            48
• Med Cont Price          $675,000                                 $757,000
• Ave Mkt Time                        194                                          270
• Closed                         76                                            86
• Med Close Price         $647,500                                 $599,000
• Ave Mkt Time                        228                                          203

                                                            NORTHBROOK

• Active Listings           325                                          340
• Median Price              $699,000                                 $694,400
• Ave Mkt Time                        201                                          196
• Under Contract           53                                            57
• Med Cont Price          $600,000                                 $679,500
• Ave Mkt Time                        196                                          177
• Closed                         62                                            67
• Med Close Price         $586,250                                 $510,000
• Ave Mkt Time                        184                                          201

                                                             LINCOLNSHIRE

• Active Listings           83                                            94
• Median Price              $719,900                                 $775,500
• Ave Mkt Time                        192                                          186
• Under Contract           5                                              9
• Med Cont Price          $699,000                                 $539,000
• Ave Mkt Time                        245                                          199
• Closed                         13                                            13
• Med Close Price         $620,000                                 $579,000
• Ave Mkt Time                        258                                          240

NOTE: Information based in whole or in part on property data supplied by the Midwest Real Estate Data.  MRED is not responsible for its accuracy and data maintained by MRED may not reflect all real estate activity in the marketplace.