Sales of condos in Evanson were down by 19 percent during the third quarter, according to the most recent report from the Chicago Association of Realtors. A total of 224 condos were sold in the city during the third quarter, down from 269 during the same period last year.
Condo owners and developers are facing a difficult market as the turnover time for condos reaches levels not seen in years.
If you are selling your condo in Evanston, itís going to take you an average of 129 days to find a buyer, a 37 percent increase over last year.
Despite the decline in demand and rising inventory, prices continued to rise for condos in Evanston. The third quarter saw a 7 percent increase in the average sales price in the neighborhood.
Buyers should beware of buying at the peak of the market in the neighborhood. If demand continues to drop and the inventory of condos sits on the market longer, then prices should start coming down in the next few months.