Sales of condominiums and lofts in Evanston were off by more than 36 percent in May when compared to the same month last year, according to data from the MLS.

A total of just 42 new and re-sale condominiums were sold in Evanston during the month, down from 66 units sold during the same period last year. The drop in demand is even more pronounced when compared to total sales for May 2006. Sales were off 44 percent from two years ago.

Despite the dramatic drop in demand for condos and lofts in Evanston, prices continued to rise. The average sales price was up just over 7 percent from the same period last year, as demand for units at the lower end of the market fell to their lowest level in years. Only 15 condominiums were sold for less than $250,000 during the month in the city, down more than 50 percent from the same period last year, when 34 units were sold in that price range.

Demand for the most expensive condominiums also fell to new lows during the month. Just one condominium was sold for more than $500,000 in May 2008, down from four units sold during May 2007 and eight units sold during May 2007.

Buyers could start to see great deals on Evanston Condos For Sale, particularly for more affordable units in the area.

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This entry was posted on Sunday, June 15th, 2008 at 3:20 pm and is filed under Evanston Real Estate(t) . You can leave a response.