By Art Wilson, Realtor
Evanston's January Property sales were 49, up 36.1% from 36 in January of 2015 and -45.6% lower than the 90 sales last month. January 2016 sales were at their highest level compared to January of 2015 and 2014. January YTD sales of 49 are running 36.1% ahead of last year's year-to-date sales of 36.
The Median Sales Price in January was $295,000, down -10.3% from $328,750 in January of 2015 and up 1.4% from $291,000 last month. The Average Sales Price in January was $409,083, up 4.1% from $392,944 in January of 2015 and up 10.4% from $370,688 last month. January 2016 ASP was at highest level compared to January of 2015 and 2014.
The Total Inventory of Properties available for sale as of January was 231, down -2.1% from 236 last month and down -25.2% from 309 in January of last year. January 2016 Inventory was at the lowest level compared to January of 2015 and 2014.
The January 2016 Months Supply of Inventory of 4.7 months was at its lowest level compared with January 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 January was 74, up 17.5% from 63 days last month and down -14.9% from 87 days in January of last year. The January 2016 DOM was at its lowest level compared with January of 2015 and 2014.
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 January 2016 Selling Price vs List Price of 96.2% was up from 96.1% last month and up from 95.2% in January of last year.
The number of New Listings in January 2016 was 117, up 207.9% from 38 last month and up 34.5% from 87 in January of last year.
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