By Art Wilson, Realtor
Evanston's February Property sales were 45, up 12.5% from 40 in February of 2016 and -6.3% lower than the 48 sales last month. February 2017 sales were at a mid level compared to February of 2016 and 2015. February YTD sales of 93 are running 4.5% ahead of last year's year-to-date sales of 89.
The Median Sales Price in February was $224,000, down -25.3% from $300,000 in February of 2016 and down -20.4% from $281,500 last month. The Average Sales Price in February was $299,159, down -10.3% from $333,653 in February of 2016 and down -21.6% from $381,769 last month. February 2017 ASP was at the lowest level compared to February of 2016 and 2015.
The Total Inventory of Properties available for sale as of February was 201, up 12.3% from 179 last month and down -28.5% from 281 in February of last year. February 2017 Inventory was at the lowest level compared to February of 2016 and 2015.
The February 2017 Month’s Supply of Inventory of 4.5 months was at its lowest level compared with February of 2016 and 2015. 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 50, down -34.2% from 76 days last month and down -43.8% from 89 days in February of last year. The February 2017 DOM was at its lowest level compared with February of 2016 and 2015.
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 2017 Selling Price vs List Price of 94.0% was up from 93.5% last month and up from 93.0% in February of last year.
The number of New Listings in February 2017 was 160, up 45.5% from 110 last month and up 3.2% from 155 in February of 2016.