A new study says that, in a period of lagging sales, Evanston’s housing market is one of the strongest in the Chicago region.

The report from the Headrick-Wagner Appraisal Group says the region as a whole now has a 7.6 month supply of houses available for sale. The firm says a market in which supply and demand were balanced would have a 3 to 4 months supply.

The Naperville firm’s analysis of multiple listing service data shows that Evanston’s inventory of available homes is among the lowest in the region — at 5.04 months worth.

That still means Evanston is tilted toward a buyer’s market, but much less so than in most of the region.

Among nearby communities, Wilmette has a 5.72 month inventory of unsold homes, Skokie has 9.15 months worth, Glenview has 9.67 months worth and in Northbrook the figure is 10.43 months of inventory.

Region-wide only three suburbs and one Chicago neighborhood have a tighter supply than Evanston.

The figures show that Evanston’s inventory is especially tight in certain price ranges — Just a 3.91 month supply of homes under $300,000 and a 4.18 month supply of homes from $500,000 to $999,999. The shortage of supply at the low end of the market also occurs in many other communities.

Headrick-Wagner calculates its estimate of housing supply by dividing active for sale listings by one-twelfth of the total of pending sales plus all homes sold over the past year.

The full report is available online.

Bill Smith is the editor and publisher of Evanston Now.

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