Evanston Real Estate Trends - March

Evanston Real Estate Trends – March

April 23rd, 2010 by Anne West
Categories: North Shore market data, Real estate

The signs for Evanston’s housing market are improving. Sale activity is up significantly and inventories are down, indicating a move toward a more balanced market. Although prices are down vs. last year, the rate of decrease is slowing and appears to be reaching bottom.

Evanston Home Sales

Home sales in March were up 129% over last month and up 67% over March of last year. Sales for the first quarter are running 46% ahead of the same period last year. In both 2009 and 2010, 80% of home sales were below $500,000.

Evanston Home Prices

Evanston homes prices March Consistent with surrounding suburbs, the increase in sales has been accompanied by a decrease in prices. The median sales price for single family homes (houses, condos and townhomes) was $274,900, down 13% from February and down 3.2% from March of last year. The average sales price was $335,065, down 8% from February and down 3% from March of last year.

Inventory and Months Supply

There were 793 homes for sale in Evanston as of March, up 9% from last month (typical seasonality) and down 7% vs. March of last year. The months supply of homes, which indicates how Evanston housing inventory March long it would take to sell all of the homes that are currently on the market, was 12 months, down from 22 months last March. Although the months supply is higher than we would like to see (6-7 months is a “balanced” market), Evanston’s months supply is lower than most of the other North Shore markets.

Market Time

The average days on market (DOM) is how many days a property is on the market before it sells and an upward trend indicates a move towards a buyer’s market. The Evanston market time March DOM for March was 113 days, up 21% from last month and up 21% vs. march of 2009.

Tags: Evanston, North Shore market data, North Shore real estate trends, North Shore sales trends

This entry was posted on Friday, April 23rd, 2010 at 2:56 pm and is filed under North Shore market data, Real estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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