We just ended the first quarter and it is always interesting to look at the numbers and make assumptions about the relative strength or weakness of my local real estate market of Evanston IL.

As we all hear the national news about tumbling real estate prices, large numbers of homes on the market and rising foreclosures I am always challenged to make sense out this information and see how it applies to my local market in Evanston. The information I will be sharing with you here comes from my local MLS but the interpretations are strictly my own. I am sure others will not agree with me and have there own interpretations and that is ok with me.

ACTIVE

SINGLE FAMILY MARKET

In Evanston there are 275 single family homes on the market for sale. Of those 181 are homes that have been on the market 90 days or more. This means much of the current inventory of homes are homes that were on the market in the last quarter of 2007.

In Evanston there are 21 new single family homes on the market for sale.These are homes that are really new and not recycled old listings. Of those 4 are homes that are short sales and 1 is bank owned.

CONDO MARKET:
In Evanston there are 646 condos on the market for sale. Of those 342 are condo’s that have been on the market for 90 days or more. This means tha much of the current inventory of condo’s are those that were on the market in the last quarter of 2007.

In Evanston there are 33 new condo’s on the market for sale. These are condo’s that are really new and not recycled old listings. Of those 4 are short sales and 0 are bank owned.

SOLD

in Evanston 56 homes have sold with the average market time of 172 days. The Average sale price was $597,000 and the total sales volume to date is $33,441,500. During the same period in 2007, 58 homes sold in Evanston with the average sale price being $710,352 and the total sale volume of $41,200,400. What the numbers tell us is that we are not off on the number of homes sold this year as compared to last year but the average price of homes is dropping and affecting the total sales volume.

CONDO MARKET:

In Evanston 56 condo’s have sold with the average market time of 217 days. The Average sale price was $329,000 and the total sales volume was $18,458,311. During the same period in 2007, 143 condo’s sold with the average sale price $351,421 and the total sales volume being $50,253,266. What the numbers tell us is that the condo market is getting weaker, prices are falling and total sales volume is down. My question here is this because of new construction which is not reflected here in these figures or is really because the condo market is saturated with too much inventory. It is hard to tell at this point of the year.