By Art Wilson, Realtor
Evanston's July Property sales were 118, down -4.1% from 123 in July of 2013 and -6.3% lower than the 126 sales last month. July 2014 sales were at a mid level compared to July of 2013 and 2012. July YTD sales of 563 are running -9.8% behind last year's year-to-date sales of 624.
The Median Sales Price in July was $325,000, up 9.8% from $296,000 in July of 2013 and down -5.9% from $345,500 last month. The Average Sales Price in July was $380,198, down -0.9% from $383,518 in July of 2013 and down -4.3% from $397,379 last month. July 2014 ASP was at the lowest level compared to July of 2013 and 2012.
The Total Inventory of Properties available for sale as of July was 353, down -3.6% from 366 last month and up 7.3% from 329 in July of last year. July 2014 Inventory was at a mid range compared to July of 2013 and 2012.
The July 2014 Months Supply of Inventory of 3.0 months was at a mid range compared with July 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 July was 54, up 50.0% from 36 days last month and up 25.6% from 43 days in July of last year. The July 2014 DOM was at a mid range compared with July 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 July 2014 Selling Price vs List Price of 96.9% was down from 97.4% last month and up from 96.1% in July of last year.
The number of New Listings in July 2014 was 163, down -4.7% from 171 last month and up 10.1% from 148 in July of last year.