The spring real estate market is here. Attendance at Sunday open house presentations have been pretty good. Last Sunday I had six groups come to my showing at a vintage 2 bedroom condo East of Chicago Avenue and South of Dempster. The week before I had nine at a 3 bedroom condo near Sherman and Grove, and another seven at a single family home near Evanston Hospital.
Broker open houses have also been up, last Tuesday there were over 50 open houses for brokers and sales agents. I try to see as many as I can in a 3 hour & 15 min period, mostly new listings, and price change listings. Even at that I may see from 12 to 18 listings...ahhh well there are diminishing returns. But, the ones that stand out are usually priced well and show well.
Inventories Are Heading Up Again!
Evanston had 265 active listings, as of March 31, 2011, in the Detached or Single Family Residence category. Over the last six months 141 were sold or pending, (17+124=141), that means there were about 23.5 closings per month. With the current inventory of 265 it could take about 11.3 months to sell that inventory. Click here to see table with price point break down for single family homes.
There are 500 active listings in the Condos, Townhouses, and Coops category on March 31, 2011. Over the last six months 158 were sold or pending (23 + 135= 158). Closed listings were about 26.3 per month. Given the current inventory of 500 properties, it will take a little more than 19 months to sell off those properties. Click here to see table with price point break down for condos, coops, and town homes.
Higher inventories put more downward pressure on prices, and increase days on the market. Sellers need to determine if there home will be the next home sold this month, given that only about 24 home will sell this month. Also, buyers need to determine if they want to time the market. I would say that timing the market can be very chancy.
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