Evanston IL Real Estate Market Action Report January 2017

By Art Wilason, Realtor

Evanston's December Property sales were 71, down -21.1% from 90 in December of 2015 and equal to 0.0% 71 sales last month. December 2016 sales were at a mid level compared to December of 2015 and 2014. December YTD sales of 1,139 are running 0.2% ahead of last year's year-to-date sales of 1,137.

The Median Sales Price in December was $324,000, up 11.3% from $291,000 in December of 2015 and down -5.3% from $342,000 last month. The Average Sales Price in December was $412,292, up 11.2% from $370,688 in December of 2015 and down -10.0% from $458,289 last month. December 2016 ASP was at highest level compared to December of 2015 and 2014.

The Total Inventory of Properties available for sale as of December was 162, down -28.0% from 225 last month and down -36.5% from 255 in December of last year. December 2016 Inventory was at the lowest level compared to December of 2015 and 2014.

The December 2016 Month’s Supply of Inventory of 2.3 months was at its lowest level compared with December of 2015 and 2014. 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 December was 65, up 44.4% from 45 days last month and up 3.2% from 63 days in December of last year. The December 2016 DOM was at a mid range compared with December of 2015 and 2014.

The Selling Price vs Listing Price ils 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 December 2016 Selling Price vs List Price of 95.1% was down from 97.1% last month and down from 96.1% in December of last year.

The number of New Listings in December 2016 was 39, down -44.3% from 70 last month and down -2.5% from 40 in December of last year.