By Art Wilson, Realtor
Evanston’s May Property sales were 123, up 21.8% from 101 in May of 2016 and 20.6% higher than the 102 sales last month. May 2017 sales were at their highest level compared to May of 2016 and 2015. May YTD sales of 412 are running 5.1% ahead of last year's year-to-date sales of 392.
The Median Sales Price in May was $322,500, down -0.5% from $324,000 in May of 2016 and down -3.2% from $333,000 last month. The Average Sales Price in May was $420,309, up 6.2% from $395,687 in May of 2016 and down -4.1% from $438,167 last month. May 2017 ASP was at a mid range compared to May of 2016 and 2015.
The Total Inventory of Properties available for sale as of May was 200, down -3.4% from 207 last month and down -33.8% from 302 in May of last year. May 2017 Inventory was at the lowest level compared to May of 2016 and 2015.
The May 2017 Month’s Supply of Inventory of 1.6 months was at its lowest level compared with May 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 May was 31, down -20.5% from 39 days last month and down -43.6% from 55 days in May of last year. The May 2017 DOM was at its lowest level compared with May 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 May 2017 Selling Price vs List Price of 96.5% was up from 95.8% last month and up from 94.7% in May of last year.
The number of New Listings in May 2017 was 173, up 11.6% from 155 last month and down -10.4% from 193 in May of last year.