🏡 Northbrook Real Estate Update – August!
The Northbrook real estate market in August reflects a cooling trend, with a decline in inventory and slowing buyer activity. The 12.22% decrease in active listings compared to last month, and the 10.23% year-over-year drop, indicates fewer homes available for sale. This reduction in inventory may signal that sellers are either waiting for a better market or properties are being absorbed more slowly.
Closed sales fell sharply by 28.13% from the prior month, and 34.29% compared to last year. This suggests fewer transactions are being completed, likely due to decreased buyer activity or market hesitation. The under contract listings also saw a 10.00% decline from the previous month, with a 6.25% year-over-year reduction, further highlighting the slowdown in new agreements between buyers and sellers.
In summary, The Northbrook market is characterized by reduced inventory and slower buyer activity. For sellers, this could mean fewer buyers and possibly longer time on the market, making pricing strategies more crucial. For buyers, this environment may present more negotiating power due to the slower pace of sales.
Contact The Schneider Group at 847.347.6288 for more information on how to navigate the current Northbrook market.