Encouraging Real Estate Outlook for Evanston

Recent real estate news based on national, statewide and Chicagoland trends is encouraging. However, the most significant and relevant information for decision-making in the Evanston real estate market remains local Evanston market data. So, let’s take a closer look at that:

First, consider the statistics for detached single-family properties in Evanston. The number of homes currently for sale remains WAY DOWN in every price range, when compared to the same time period 1 or 2 years ago (see chart). This low supply of available detached single-family homes continued to put upward pressure on prices during February 2013 as demand for Evanston homes stayed strong.

Second, let’s look at the statistics for the median sale prices of single-family detached homes in Evanston: Median prices are now either increasing or holding steady in all price ranges (see the chart for details and note that numbers in the highest price range were greatly influenced by a couple of closings of $1million-plus properties).

Finally, for sellers who price their home right, marketing time is short. Many properties are receiving multiple offers. Many are selling within the first two weeks. A few savvy sellers have even received offers for more than their asking price. More than any other time in recent real estate history, the number of months supply of inventory remains WAY DOWN (see chart).

The outlook for the Evanston real estate market is encouraging. It looks more and more like a sellers market everyday. Buyers are out there looking for the right house for their family. Your house might be just the right house for them. Is it time to talk about preparing to put your home on the market? Only you can answer that question. But regardless of your plans, you need to stay up-to-date on Evanston Real Estate market conditions. And you need a professional analysis of your home’s value in order to make the wisest decisions possible in the future. In one short coffee-shop conversation, I can help you increase your knowledge of the Evanston Real Estate Market and help you manage your property better. I can also show you how to sell your house for a higher price than you expect, in less time than you expect, with far less hassle than you expect. Visit my website at Baird & Warner to register for a market summary. After you look that over, then give me a call or send me an email. Let’s talk. Let’s go do some housing for good.

Sincerely,

Scott Kelly, Realtor, Baird & Warner, 2926 Central Street, Evanston – 847.905.5229 – scott.kelly@bairdwarner.com