By Art Wilson, Realtor
Evanston's February Property sales were 43, up 19.4% from 36 in February of 2012 and -10.4% lower than the 48 sales last month. February 2013 sales were at their highest level compared to February of 2012 and 2011. February YTD sales of 91 are running 5.8% ahead of last year's year-to-date sales of 86.
The Median Sales Price in February was $224,900, down -10.0% from $250,000 in February of 2012 and up 7.0% from $210,250 last month. The Average Sales Price in February was $286,142, down -30.1% from $409,111 in February of 2012 and up 5.9% from $270,327 last month. February 2013 ASP was at the lowest level compared to February of 2012 and 2011.
The Total Inventory of Properties available for sale as of February was 261, down -4.7% from 274 last month and down -47.4% from 496 in February of last year. February 2013 Inventory was at the lowest level compared to February of 2012 and 2011.
The February 2013 Months Supply of Inventory of 6.1 months was at its lowest level compared with February of 2012 and 2011. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.
The average Days On Market (DOM) is how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for February was 107, up 25.9% from 85 days last month and down -6.1% from 114 days in February of last year. The February 2013 DOM was at a mid range compared with February of 2012 and 2011.
The Selling Price vs Listing Price is the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The February 2013 Selling Price vs List Price of 96.2% was up from 95.2% last month and up from 93.0% in February of last year.
The number of New Listings in February 2013 was 112, up 4.7% from 107 last month and down -10.4% from 125 in February of last year.