Coldwell Banker's Alan May reported in yesterday with an update on the Evanston market. Many of you will recognize May from his frequent helpful posts and responses in Trulia Voices. Trulia selected May as one its MVPs and "Mayors," i.e., people who are "great social media role models and innovators."
"People are out there buying," says May. "The problem we have is that our inventory is so large that the number of purchases isn't making as much of a dent in inventory as we'd expect. We're going forward slowly, but we are going forward."
Movement in the market is uneven, according to May. "We're seeing a lot of resistance on condos. Inventory is high. Single families are moving better, especially in the $600k to $800k range, which is selling better than the low or high end. Half a dozen homes went quickly in that price range, and a dozen have gone under contract in the past 3 weeks."
Most of the buyers, notes May, are "move-ups within Evanston, people who are staying in similar neighborhoods."
One fascinating set of deals May reported was a "chain sale." Four families who knew each other and were all looking to move bought each others' homes, some of which weren't even listed for sale. "They were good values, properties that were priced well, that would have been priced significantly higher several years ago."
"Sellers are adjusting to the market conditions," May says, "and have become far more realistic about what they can expect to get. Buyers are poised, waiting for good values, and recognize and jump on them when they become available."
One of May's Evanston listings, pictured above, is a 4-bedroom, 3 ½ bath, 3-car garage home just a block from the Central St Metra station. It's priced at $895,000 - just beyond the sweet spot in the market.