Housing prices: Think we've got it bad?

New figures from the local multiple listing service offer some solace to Evanston homeowners anguished about the shrunken value of their biggest asset.

While prices are down dramatically here, the story in many other suburbs and Chicago city neighborhoods is a whole lot worse.
The Midwest Real Estate Data, published by Chicago Magazine, shows that the average selling price of a home in Evanston in 2012 -- $439,000 -- was down 20.2 percent from the peak year of 2006.
But last year's price here was up 3.9 percent from 2011.
And consider the carnage in some nearby communities.

  • Arlington Height's average 2012 price of $300,000 was down 27.5 percent from 2006 and up 1.2 percent from 2011.
  • Glenview's average 2012 price of $440,000 was down 26.5 percent from 2006 and down 6.8 percent from 2011.
  • Niles' average 2012 price of $220,000 was down 45 percent from 2006 and down 2.2 percent from 2011.
  • Skokie's average 2012 price of $225,000 was down 43.8 percent from 2006 and up only 0.6 percent from 2011.
  • Wilmette's average 2012 price of $600,000 was down 25.9 percent from 2006 and down 7.7 percent from 2011.

And there's lots of grief in Chicago neighborhoods as well. West Ridge home prices down 33.7 percent since 2006. Rogers Park condos down  69.5 percent. On the other hand, the value of condos in the Lake View neighborhood is unchange from six years ago.
Original story

Comments

Not as rosy for all owners in Evanston

My particular neighborhood in south Evanston has been hit hard like many of the condos in adjoining Rogers Park. I bought a nice 2BR 1BA condo in a courtyard building in 2004 for right around $200K. Currently the units in my building and neighborhood are selling for 30% of what I paid for mine (if they are even able to sell at all). 
Many of my neighbors are couples that bought a starter home with the hopes of being able to move when they had a child or two and needed more room. They are now trapped, unable to sell and with less room as the children grow up. Their only option is to rent their condos and try to buy a larger place.
Single-family home owners may not be anguished, but many condo owners is south Evanston definitely are.