By Art Wilson, Realtor
Evanston's June Property sales were 156, up 6.1% from 147 in June of 2015 and 54.5% higher than the 101 sales last month. June 2016 sales were at their highest level compared to June of 2015 and 2014. June YTD sales of 547 are running 5.2% ahead of last year's year-to-date sales of 520.
The Median Sales Price in June was $368,000, up 7.9% from $341,000 in June of 2015 and up 13.6% from $324,000 last month. The Average Sales Price in June was $455,658, up 9.8% from $415,143 in June of 2015 and up 15.2% from $395,687 last month. June 2016 ASP was at highest level compared to June of 2015 and 2014.
The Total Inventory of Properties available for sale as of June was 248, down -13.6% from 287 last month and down -42.2% from 429 in June of last year. June 2016 Inventory was at the lowest level compared to June of 2015 and 2014.
The June 2016 Months Supply of Inventory of 1.6 months was at its lowest level compared with June 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 June was 42, down -23.6% from 55 days last month and down -4.5% from 44 days in June of last year. The June 2016 DOM was at a mid range compared with June 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 June 2016 Selling Price vs List Price of 97.6% was up from 96.7% last month and up from 97.1% in June of last year.
The number of New Listings in June 2016 was 150, down -22.3% from 193 last month and down -22.7% from 194 in June of last year.