Homes in Evanston became more affordable last year, at least if you didn’t need a sub-prime mortgage to buy one.

The slowing real estate market resulted in prices for single family homes and condos that were essentially unchanged from 2006, while the overall cost of living rose 4.25 percent nationwide.

Figures from the North Shore Barrington Association of Realtors show that the median price of a single family home ended 2007 at $550,000 — exactly the same as it was a year earlier.

By contrast, the median price of single family homes had risen 10.5 percent during 2006.

For condos and townhomes in Evanston last year, the median price fell 0.2 percent from $277,250 to $276,625. Evanston condo prices had risen 3.4 percent in 2006.

Although prices were steady, the number of units sold dropped sharply in 2007 and the time it took to sell a home dramatically increased.

Howard Handler of the realtors association says Evanston saw 369 single family homes sold last year compared to 453 in 2006.

Condo sales dropped from 817 in 2006 to 616 in 2007.

The realty group’s numbers include all homes sold through the multiple listing service, which includes a substantial majority of all transactions.

The average time required to sell a single family home rose from 72 days to 115 days. For a condo the selling time increased from 120 days to 140 days.

For the entire region served by the realtor’s association, single family home prices increased 3.1 percent last year and condo prices managed a 0.4 percent increase.

The increase in market time and decrease in sales volume were roughly the same in Evanston and across the North Shore region.

Bill Smith is the editor and publisher of Evanston Now.

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4 Comments

  1. Subsidized Housing
    Does subsidized housing in Evanston work into the statics here? I would like to know those figures.

    1. Subsidized housing
      If by subsidized housing you mean a unit purchased with a subsidized loan or other affordable housing assistance and then resold in a transaction involving a real estate broker, then yes, it presumably would be included in those numbers.
      But, frankly, the number of unit sales involved would be so small that they would be unlikely to materially affect the median figures and I know of no way to isolate such sales from the MLS database.
      If you want more detail on resales of any government subsidized units, I’d suggest you contact Donna Spicuzza, the city’s housing planner, at 847-866-2932.

    2. Subsidizing is a drop in the bucket as far as the market
      The problem with the City of Evanston affordable housing programs is they are a big waste of our tax dollars they are doing nothing – it is a patronage program. The employees involved with it should be laid off. The taxes on residents such as the tear down tax should be stopped – given the city is now getting sue for the tax it is interesting – another thing that will cost us hundred of thousand of dollars is lawyers fees.
      I find it interesting housing groups keep on coming back to the city asking for more and more funding since they get in trouble and the council members keep on giving them our tax dollars.

  2. Thanks
    Thanks Bill for clearing that up. The sentiments shared by Junad Rizki are interesting. You would hope that those housing programs are taken advantage of by selfless citizens willing to give back. However, with the drop out rate at ETHS and crime in Evanston, it looks as if this program is failing and our taxes are just getting worse.

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