Sales of single-family homes fell for the fourth consecutive year in Evanston in 2007. The neighborhood was one of several North Shore communities that continue to be plagued by a slowdown in the market.

According to data from the Chicago Association of Realtors, a total of 368 single-family homes were sold in Evanston in 2007, down from 453 units sold during the previous year. It was the worst showing for the market in more than 16 years.

The drop in demand led to a sharp increase in the average market time for homes on the market in the city. If you’re selling your home in Evanston, it will now take you an average of 114 days to find a buyer, up from 72 days a year ago. This could start to affect prices in the neighborhood in the short term.

However, despite the rise in the number of homes sitting on the market, and record low demand, prices continued to rise during the year. The average sales price rose by another 6 percent in 2007, and now stands at its highest level ever.

Buyers should beware of getting in the market at its peak. If demand doesn’t increase in the short term for homes in Evanston, buyers could start to see great prices for North Shore Chicago Real Estate in the area.

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This entry was posted on Wednesday, May 7th, 2008 at 12:53 pm and is filed under Evanston Real Estate(t) .