The following statistics compare real estate activity in Evanston for December 2009 and December 2010.
Attached Properties Condos, Townhomes
There was a 23.1% decline in sold attached properties, 26 sold in December 2009, and 20 sold in December 2010. No change in median sales price $248,000 for December 2009 and December 2010.
Detached Properties Single Family Homes
Sold single family homes increased 45% in December. With 20 sold in December 2009, and 29 in December 2010. Median sales price for December 2009 was $397,750 and $350,000 in December 2010 a 12% decrease in median sales price.
North Shore Trends
Attached properties showed an increase of 9.6% in the number of sales, but a median price decrease of a 1.7% to $206,000 for December 2010. Single family homes for the same period experienced increase in the number of sales to 8.3%, and price decreases of 20.7%. Median sales price for North Shore homes in December 2010 were $412,577.
Market expectations for the new year are expected to remain flat. Remember all real estate is local so we may experience different market conditions in our market place. A reduction in 2010 of single family homes in Evanston could help to stabilize home prices. That being said don’t rush out to put your home on the market, if you do not need to move then don’t. Unless, you can take advantage of a move up opportunity, and you are priced competitively. The buyers market will probably be with us through out this year and well into 2012.
Condominiums have a long difficult road to travel. Inventories are much too high, around a 14 month supply. I expect to see more price declines and more foreclosure activity for condominiums especially for self managed condos in less desirable areas of town. I also see investors taking over smaller condos, 3 to 6 unit buildings, and changing them back to rental apartments.
Recent Comments