Evanston Condo Update
The market for condominiums in Evanston continues to be plagued by a drop in demand and longer turnover times.
According to the most recent report from the Chicago Association of Realtors, the number of condos sold in the neighborhood dropped to 208, the lowest total since 2001. This is also a 13 percent decline from the same period last year.
Demand has been hurt by the crisis in the mortgage sector. Banks and lenders are reeling from an increase in foreclosures around the country, particularly from subprime loans. Buyers now face tougher requirements when it comes time to apply for a mortgage, keeping many people out of the market.
Condo owners in Evanston are waiting longer to find a buyer. If you are selling your condo in the area, then it will now take you 148 days to find a buyer. This is a 30 percent increase over last year.
Lower demand and a stagnant supply of condos have resulted in the first decline in the average sales price since 1992 in Evanston. A condo now sells for $301,218 in the city.
Buyers could start to see excellent deals for a condo in Evanston if demand doesn’t recover in the short term.
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