By Art Wilson, Realtor
Evanston's March Property sales were 77, up 24.2% from 62 in March of 2014 and 57.1% higher than the 49 sales last month. March 2015 sales were at their highest level compared to March of 2014 and 2013. March YTD sales of 162 are running 14.9% ahead of last year's year-to-date sales of 141.
The Median Sales Price in March was $242,000, down -3.0% from $249,500 in March of 2014 and up 10.0% from $220,000 last month. The Average Sales Price in March was $310,984, up 2.6% from $303,187 in March of 2014 and down -1.1% from $314,374 last month. March 2015 ASP was at a mid range compared to March of 2014 and 2013.
The Total Inventory of Properties available for sale as of March was 286, down -4.3% from 299 last month and down -2.7% from 294 in March of last year. March 2015 Inventory was at the lowest level compared to March of 2014 and 2013.
A comparatively lower Months Supply of Inventory is more beneficial for sellers while a higher MSI is better for buyers. The March 2015 MSI of 3.7 months was at its lowest level compared with March of 2014 and 2013. 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 March was 68, down -23.6% from 89 days last month and down -6.8% from 73 days in March of last year. The March 2015 DOM was at its lowest level compared with March of 2014 and 2013.
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 March 2015 Selling Price vs List Price of 96.3% was up from 95.5% last month and down from 99.8% in March of last year.
The number of New Listings in March 2015 was 186, up 31.0% from 142 last month and up 16.3% from 160 in March of last year.
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