Evanston Real Estate Market Heats Up

Could the real estate market finally be on the upswing? 

Perhaps. The latest data on home sales in Evanston suggests that the market may just be heating up.

Single-family home and condo sales have increased from January to June 18 in Evanston compared to January 2012 to this point last year, according to Prudential Rubloff Properties Managing Broker of Evanston Alan Zuber.

Single-family homes sales are up from 175 units sold from January to June 18 last year to 204 from January to June 18 this year. Condo sales are rising as well. By this time last year, 155 condos had been sold in the previous six months, but this year 231 units have been sold in the same time frame, according to Zuber. 

“Many experts feel that we have turned the corner and the market is officially on the upswing,” he said. “We expect values to continue to moving upward in the near future.”

The selling price for a single-family home last January to June ranged from $36,000 to $2.8 million, a wide gap that made the average sales price $527,946, according to Zuber. The median sales price was $452, 500, with an average of 153 days on the market.

This year, the 204 single-family homes sold from January to June had selling prices ranging from $54,000 to $2,250,000, with a $475, 000 median sale price, Zuber says. In 2013 so far, single-family homes have spent an average of just 85 days on the market, roughly half their average time on the market last year.

Similarly, condo sales have increased, Zuber reports. From January to June 18 last year, the 155 condos sold were closed with selling prices ranging from $25,799 to $1.13 million.  The average sales price was $196,746, and the median was $163,000. Condos were on the market for an average of 208 days. 

This year, however, 231 condos have sold from January to June 18, with prices ranging from $35,000 to $1,165,000. The average sales price this year was $247,165, more than $50,000 higher than last year. The median was $195,000, about a $30,000 jump from 2012. Condos spent an average of 35 fewer days on the market at an average of 173 days of market time. 

Evanston condo and single family home sale prices typically vary widely in price from low to high, but according to Zuber, that is a benefit of living in Evanston. 

“The large range in sales prices is an indicator of the great diverse market we have here in Evanston,” Zuber said. “There is literally a price point for every economic class, which gives everyone access to the wonderful community we have available here.”

Real estate agent Noah Seidenberg of Coldwell Banker Evanston says the biggest issue right now is a lack of inventory on the market.

“There’s a lack of activity going on,” said Seidenberg, noting that he had often seen multiple offers come through on one property. “Many properties are selling above that [listed] price due to the fact that the stock market has gone up in the last year.”

Seidenberg said he believes real estate in Evanston may be reflective of a positive trend on behalf of the larger economy, as people are more inclined to buy.

“I’m not saying that things are great because the unemployment rate is not fantastic, but I think that prices are good and interest rates are just starting to go up,” he said. “So people are starting to realize we’re not in a crisis.”