Looking at only single family homes in Evanston. the current inventory is 218 active homes. Of those 218 there are 37 short sales, about 17% of inventory. Prices range from $45,000, for a two bedroom one bath single story home, to $595,000 for a 3 bedroom 3 bath home. There are also some four bedroom 2 bath homes.
A couple are east of Ridge/Greenbay, but the majority are west of Ridge/Greenbay. In zip code 60202 which is South Evanston, there are 14 short sales where average list price is around $249K. In zip code 60201 which is North Evanston there are 18 short sales with an average list price of $259K. Finally 60203 which is Evanston/Skokie there are 5 short sales with an average list price of $327K.
Market times vary, but seem to average around eight months, with some outliers at over a year. There is one at around 3 years…good area, but, the house has many unusual features.
At this point in time we do not know how much of the shadow inventory will affect Evanston. That is we do not know how many Evanston single family homes are being held by banks, or how many properties are entering the foreclosure process. I suspect that we will know when the spring market hits in the coming weeks. Bottom line reduced inventories is key to price stabilization. If you must put your home on the market, be prepared to price your home competitively.
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