By Art Wilson, Realtor
Evanston's November Property sales were 65, down -14.5% from 76 in November of 2012 and -14.5% lower than the 76 sales last month. November 2013 sales were at a mid level compared to November of 2012 and 2011. November YTD sales of 1,000 are running 26.7% ahead of last year's year-to-date sales of 789.
The Median Sales Price in November was $282,000, down -0.2% from $282,500 in November of 2012 and down -7.5% from $305,000 last month. The Average Sales Price in November was $309,956, down -18.2% from $378,814 in November of 2012 and down -17.1% from $374,044 last month. November 2013 ASP was at a mid range compared to November of 2012 and 2011.
The Total Inventory of Properties available for sale as of November was 244, down -18.9% from 301 last month and down -35.4% from 378 in November of last year. November 2013 Inventory was at the lowest level compared to November of 2012 and 2011.
The November 2013 Months Supply of Inventory of 3.8 months was at its lowest level compared with November 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) shows 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 November was 43, down -37.7% from 69 days last month and down -24.6% from 57 days in November of last year. The November 2013 DOM was at its lowest level compared with November of 2012 and 2011.
The Selling Price vs Listing Price reveals 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 November 2013 Selling Price vs List Price of 97.1% was up from 96.4% last month and up from 95.6% in November of last year.
The number of New Listings in November 2013 was 58, down -51.3% from 119 last month and down -27.5% from 80 in November of last year.
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