Evanston Spring Review

As of today’s date there are 227 homes for sale in Evanston, IL and 36 homes under contract since January 1, 2008. According to this information the average time on the market in Evanston is 6 months. Of interest is the number of homes under contract that have Home Sales Contingencies or Homes to Close Contingencies. (Home Sales Contingencies occur when the buyer has a home to sell but has a contract on a new home or a Home on the Market with a Contract but has not closed). According to the MLS there are 9 homes out of 36 homes that have such contingencies. What does this tell you about the real estate market in Evanston? Well in a very active buyers market such contingencies would never exist. Does this mean the Evanston market is slowing down? It is hard to say just yet. We are just entering the Spring real estate market and have had unusually cold weather and lots of snow which has turned many buyers away from the real estate market. It does however appear that Sellers are more anxious to sell and do not want to lose potential buyers and are accepting Home Sales Contingencies for the moment. I suspect when the market improves these contingencies will no longer exist.