By Art Wilson, Realtor
Evanston's November Property sales were 57, down -14.9% from 67 in November of 2013 and -27.8% lower than the 79 sales last month. November 2014 sales were at their lowest level compared to November of 2013 and 2012. November YTD sales of 899 are running -10.4% behind last year's year-to-date sales of 1,003.
The Median Sales Price in November was $272,500, down -4.3% from $284,750 in November of 2013 and down -2.7% from $280,000 last month. The Average Sales Price in November was $321,576, up 1.8% from $315,912 in November of 2013 and down -10.0% from $357,242 last month. November 2014 ASP was at a mid range compared to November of 2013 and 2012.
The Total Inventory of Properties available for sale as of November was 309, down -14.2% from 360 last month and up 10.0% from 281 in November of last year. November 2014 Inventory was at a mid range compared to November of 2013 and 2012.
The November 2014 Months Supply of Inventory of 5.4 months was at its highest level compared with November of 2013 and 2012. 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 November was 62, up 3.3% from 60 days last month and up 47.6% from 42 days in November of last year. The November 2014 DOM was at its highest level compared with November of 2013 and 2012.
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 November 2014 Selling Price vs List Price of 96.0% was down from 96.6% last month and down from 97.1% in November of last year.
The number of New Listings in November 2014 was 75, down -33.0% from 112 last month and up 27.1% from 59 in November of last year.
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