The subzero weather shouldn’t prevent the US Postal Service from delivering 1st installment property tax bills to Cook County homeowners. Yours may have arrived in the mail by now, or it will shortly. The first installment of your 2013 property tax bill, due on March 4th, equals 55% of your 2012 tax bill. For more information, visit the Cook County Treasurer’s Office web site:
See all these folks?
They’re looking up at the clock in the town square and realizing they all arrived at work an hour early!
So . . . Don’t forget to turn back your clock at 2am on Sunday, November 3rd!
Evanston Fire & Life Safety Services is proactively reminding everyone to also remember to change the batteries in all your home’s smoke and CO detectors.
As an incentive to get on board with this safety measure, Evanston’s firefighters/paramedics will be handing out batteries at the Central St. CTA station and the Davis St. and Main St. commuter train stations from 5:30-6:30pm on Fri., Nov. 1.
Smoke detectors save lives and approximately two-thirds of home fire deaths resulted from fires in homes with no smoke detectors or no working smoke detectors. To learn about the best detectors to have in your home and safety tips, click here.
The figures for Evanston residential real estate transactions from September 2012 through September 2013 validate the prevailing optimism that home ownership value is making a steady recovery. Four key indicators of positive market activity have been present over the past 12 months: Decreased inventory, increased sales, increased sales prices, and decreased market time. Despite the tendency of some sellers to price their properties more optimistically, the value of energy pricing is very evident. Sold properties in Evanston during this period yielded 96.4% of list price with no price reductions, as opposed to sold properties collecting only 85.1% of original price with one or more price reductions during the same period (Connect MRED MLS data courtesy of Agent Metrics).
Let’s examine each of these four market indicators in more detail as they relate to Evanston home sales in the past year.
Decreased Inventory / Increased Sales
These two market forces go hand in hand, and the positive direction our local market sustained over the past year is reflected in the supply and demand chart below.
In the past year, inventory in Evanston has dropped over 17%, while sales have increased a whopping 72%.
Increased Sale Prices
After suffering through a prolonged drought as our economic engine struggled to gain any movement, Evanston home prices are finally on the rise, signaling a gradual path toward stabilization. Over the past year, home prices rose an average of 3.12% per month, for a total growth percentage reaching an impressive 37.4%.
Decreased Market Time
For residential properties in Evanston in the past year, the average number of days to sell a homes plummeted by 48%, down from 136 in Sept. 2012 to just 71 through Sept. 2013, with many home selling in a week or less. This spells good news for home sellers, while causing potential headaches for home buyers who may be in competition with other would-be buyers. Many Realtors are reporting significant increases in multiple offers on their listings.
Evanston homeowners can sleep a little better at night, with the reassurance that our local market is gradually moving in the right direction. The main question is whether or not home sales will continue to remain strong through the winter and into the spring, when a resurgence of new inventory and sales activity should develop.
Stabilization of interest rates and a continuation of a variety of mortgage programs will be key factors in sustaining momentum in the housing market. Regarding interest rates, one way to gain some perspective is to look at the average interest rates over the last few decades. I don’t know about you, but I sure am glad it’s not 1983 . . .
For home sellers in Evanston, Time is on Your Side! The average number of days on market was 63 YTD through August 2013, and 50 for the month of August. What’s also encouraging is that other market indicators that typically favor sellers are remaining resilient: inventory remains low, and prices are gradually rising. The accompanying graph illustrates how much inventory has dropped over the past few years, as the market continues to stabilize.
So the lesson for right now is that positive indicators are in your favor if you feel that now is the time to sell. Please give me a call to discuss your needs, and how I can help you achieve your goals!
Lately I’ve been hearing a lot of guarded optimism about the continuation of this real estate roll we’re on. Homeowners are positive about the market, looking at the current situation and what’s still visible in the rear view mirror.
But the burning question they want to ask is, how’s it looking for the rest of the year? How is the fall market looking? This question is often asked as the homeowner or neighbor gazes down at an oracle for a magic answer, peering over glasses perched precariously on the bridge of the nose. It’s the fear of the slippery slope creeping in as temperatures start to dial down in anticipation of bare trees, lots of leaves to rake, and not enough apple cider. Too many homeowners have been down the road of broken promises, however badly they want to believe that the housing market will hang on and not lose too much momentum. They hope that the heat will prevail over the chilly months ahead.
Well, if recent history is any indication, figures gleaned from Agent Metrics from Q2 2010 through Q2 2013 for Evanston home sales suggest there will be a dip in sales but nothing drastic. The sky shouldn’t fall; in fact, it should basically stay right where it is. While we’ve seen tremendous gains in several areas over this 3-year period, it’s reassuring also to note that home sales during the third quarter did not drop off very much over the past few years from Q2 to Q3. these annual drop-offs from Q2 to Q3 were as follows: 9 percent in 2010, 9.4% in 2011, and 8,8% in 2012. I am curious to see how the 3rd quarter sales figures will stack up in 2013. Instead of waiting for the sky to fall, Chicken Little, it’s time to by a new luxury coop with a 2-car garage!
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