By Art Wilson, Realtor
Evanston's August Property sales were 112, down -18.8% from 138 in August of 2013 and -6.7% lower than the 120 sales last month. August 2014 sales were at a mid level compared to August of 2013 and 2012. August YTD sales of 677 are running -11.2% behind last year's year-to-date sales of 762.
The Median Sales Price in August was $367,500, up 38.7% from $265,000 in August of 2013 and up 13.1% from $325,000 last month. The Average Sales Price in August was $461,356, up 49.1% from $309,473 in August of 2013 and up 22.0% from $378,245 last month. August 2014 ASP was at highest level compared to August of 2013 and 2012.
The Total Inventory of Properties available for sale as of August was 328, down -10.1% from 365 last month and up 0.6% from 326 in August of last year. August 2014 Inventory was at a mid range compared to August of 2013 and 2012.
The August 2014 Months Supply of Inventory of 2.9 months was at a mid range compared with August 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 August was 41, down -22.6% from 53 days last month and down -21.2% from 52 days in August of last year. The August 2014 DOM was at its lowest level compared with August 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 August 2014 Selling Price vs List Price of 97.3% was up from 96.9% last month and up from 96.9% in August of last year.
The number of New Listings in August 2014 was 120, down -26.4% from 163 last month and down -6.3% from 128 in August of last year.