There's nothing like data to quell or support media speculation and general perception of the real estate market.  We will be adding market reports for the North Shore Communities for your perusal.  This is a benefit to those who may be selling or are looking for a home on the North Shore.  Data supplied by the MRED MLS.

Negotiating is always easier when one has done the appropriate research.  This should also assist sellers with the pricing of their home. 

Here are the first reports for Deerfield, Illinois spanning two years: 8/1/2007 - 8/31/20009

Let's start with the Market Dynamics for Supply and Demand in Deerfield. 
Deerfield Real Estate Market Report - Supply & Demand

A quick look shows that sales from two years ago are about the same, 28 sold 2007 - 27 sold 2009, but the amount of home for sale has increased from 291 to 324 and the number of homes under contract in Deerfield in 2007 was 31 and there are 27 for 2009.

The next report is Deerfield Illinois Median Price of Real Estate Sold:

This report shows the median price of homes sold in Deerfield and one can quickly see that the median price has fallen over 29% in these two years.  There are variables and it's not the same as saying home values have fallen 29%. 

The final report is Deerfield Illinois Months Supply of Inventory in Real Estate:

Summarizing from the origination date, the amount of inventory has doubled from 9/07, but if we start from 1/08, we can see that the inventory has decreased almost 400%. 

Numbers can be twisted as they are above and that is why is helps to have all the data. 

Please let us know if you have any questions.