Evanston's Fast-Paced Real Estate Market

Buyers and sellers in Evanston are making fast decisions these days. That’s not to say they are making unwise decisions. It’s just a fast-paced market. Detached single-family homes seem to be going under contract in less time than it takes to enjoy the 7-Course tasting at Oceanique.

We’re all downloading more real estate market data at faster speeds than this former Mac PowerBook user ever dreamed possible. But even so, the most significant and relevant information for decision-making in the Evanston real estate market remains local Evanston market data. It’s just common sense. So, while we all continue to pay attention to the national, statewide and regional real estate news, let’s take a closer look at the local market data for 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 short supply of available detached single-family homes continues to put a bit of upward pressure on prices as demand for Evanston homes stays strong.

Median prices are now either increasing or holding steady in all price ranges (see chart).

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). Note the extremely short marketing time in the $300,000-498,999 range.

For more specific Evanston market data, take a closer look at the following Local Market Update for February 2013 (see update report).

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.

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