The Evanston real estate market may finally have reached bottom during the second quarter. Sales of single-family homes were stable during the period, after four straight year of steady declines.

According to data from the Chicago Association of Realtors, a total of just 116 new and re-sale single-family homes were sold in Evanston during the second quarter. This is a decline of just one unit from the same period last year. However, sales continue to languish at their lowest levels in more than 20 years in Evanston.

The real estate market did see a slight increase in the number of unsold homes sitting on the market. If you’re planning on selling your single-family home in Evanston, it will now take you an average of 135 days to find a buyer, up from 126 days a year ago.

However, a rising inventory of homes sitting on the market wasn’t enough to keep buyers from paying a premium for a home in the area. The average sales price jumped by 8 percent from the second quarter 2007, and could continue to climb if the market has indeed found its bottom. Buyers won’t have long to pick up deals on North Shore Chicago Real Estate in Evanston.

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This entry was posted on Saturday, August 9th, 2008 at 10:44 pm and is filed under Evanston Real Estate(t) . You can leave a response.