Home Selling in 60035>Question Details

Mare, Home Seller in Evanston, IL

How is the highland park il. real estate market ? what are the trends over the next 6 months?

Asked by Mare, Evanston, IL Wed May 26, 2010

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There have been more sales over the past several months compared to a year ago. This was driven in part by the income tax credits that were offered by the Federal Government. It will be interesting to see how things progress from here. My thought on the next six months....

I am expecting prices to continue to decline over the next several months, for the following reasons:
- the tax credits are GONE
- credit is VERY tight - the banks are making it more and more difficult to qualify for a mortgage. Even people that are pre-approved for financing are having difficulties getting to the closing table!
- while the first wave of foreclosed properties have mostly been sold (these were properties bought by people that really couldn't afford them - the "toxic" mortgages) there is another wave of foreclosures and short sales in the works. These are people that lost their jobs and haven't been able to pay their mortgage for 12 or more months.

All of the above factors will cause prices to decline further. Even without the above factors there is still a high number of homes for sale in relation to the number of homes that are selling, In other words the supply exceeds demand - this means that prices will fall.

For more information, please check out my blog where I provide regular market updates and information on relevant topics such as short sales, financing your home, going green and more: http://www.ChicagoNorthShore.typepad.com. (No ads on my blog!!)
1 vote Thank Flag Link Wed Jun 9, 2010
Very old post should be pulled by trulia...
0 votes Thank Flag Link Sat Feb 9, 2013
Here's the latest on Highland Park Il Market conditions

0 votes Thank Flag Link Fri Feb 8, 2013
old question how did move since posting?
0 votes Thank Flag Link Sat Jan 19, 2013
Her are the latest figures on this market
0 votes Thank Flag Link Wed Jan 9, 2013
The market began to slow in 2006, which resulted
in increasing market time and lower sales prices for many homes. The slowdown
accelerated in 2007, while sales in 2008 fell even more dramatically. The number of
transactions recovered somewhat in 2009 and accelerated in 2010 and 2011. The
recovery has generally continued and, more importantly, strengthened in 2012.
0 votes Thank Flag Link Tue Oct 16, 2012
The Highland Park, IL real estate market has had a very strong spring! In January-May, 2010, 132 homes sold in Highland Park. Compare that with the same timeframe in 2009 - there were 55 sales! More that twice the amount of homes have sold this spring as compared with last spring!

Now, let's look at prices: the median sale price in 2009 was $501,500 and this year's median sale price has been $460,000. A huge difference. The average sale price last year was $623,591 vs. this year's average sale price of $605,928.

So, many more homes have sold in the first 5 months of 2010 than 2009, however, prices have dropped drastically. There could be a few reasons: first of all, the home buyer's tax credit certainly must have something to do with the increase in sales. As for the reduction in prices, well, this illustrates that the housing market is still dropping. I think that in many cases, home sellers have realized that, if they truly want to sell their homes and move on, they have to get realistic about what their home is worth, and sell for what the market brings them.

Prices are also still depreciating due to the large number of distressed properties. These short sales and foreclosures are REAL, and they affect your home's value. A seller is totally beholden to the appraiser, and the appraiser is, in many cases, using these distressed properties as comps, since in many cases, that's all that's out there. So, home values are being forced down. It's taken a while for these prices to reach these low levels; it's going to take a while for them to climb back up...it's like losing your preganancy weight - it took 'ya 9 months to put on those 60 pounds, it's gonna take at least that to work them off!

So, that's the Highland Park, IL housing market in a nutshell! More questions? Contact me any time at Stephanie.Hofman@cbexchange.com or 847-652-1902!

Coldwell Banker Residential Real Estate
"Stephanie Should Be YOUR Realtor!"
Rookie of the Year, 2009
0 votes Thank Flag Link Fri May 28, 2010
Have you seen the market trends page on Trulia for Evanstan? Here is a link. (Great area by the way, I love it there!)
0 votes Thank Flag Link Thu May 27, 2010
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