Sales of new and re-sale condominiums fell again during the first quarter in Evanston. Demand was down by 15 percent in the neighborhood, one of many suburbs around Chicago to see a drop in sales.
According to the Chicago Association of Realtors, a total of 50 homes were sold in the neighborhood during the first quarter, down from 58 units sold during the same period in 2007. It was also the third straight year that sales have fallen around Evanston. It was the worst first quarter in more than 17 years.
Homeowners and developers saw one of the biggest increases ever in the average turnover time for homes on the market in Evanston. If you’re selling your home in the neighborhood, it will now take you an average of 181 days to find a buyer, up from 112 days a year ago. This is the longest it has ever taken to sell a home in Evanston.
Buyers are also starting to see lower prices for many new and re-sale single-family homes around the neighborhood. The average sales price fell by 14 percent during the first quarter, and could continue to fall in the short term. Buyers should keep an eye out for great deals on Chicago Homes For Sale around Evanston as well as in many other areas.
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