By Art Wilson, Realtor
Evanston's August Property sales were 130, up 4.0% from 125 in August of 2015 and -10.3% lower than the 145 sales last month. August 2016 sales were at their highest level compared to August of 2015 and 2014. August YTD sales of 826 are running 5.2% ahead of last year's year-to-date sales of 785.
The Median Sales Price in August was $316,750, up 12.3% from $282,000 in August of 2015 and down -9.5% from $350,000 last month. The Average Sales Price in August was $418,033, up 11.4% from $375,278 in August of 2015 and down -6.1% from $445,114 last month. August 2016 ASP was at a mid range compared to August of 2015 and 2014.
The Total Inventory of Properties available for sale as of August was 266, down -4.3% from 278 last month and down -32.5% from 394 in August of last year. August 2016 Inventory was at the lowest level compared to August of 2015 and 2014.
The August 2016 Months Supply of Inventory of 2.0 months was at its lowest level compared with August 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 August was 56, up 36.6% from 41 days last month and up 5.7% from 53 days in August of last year. The August 2016 DOM was at its highest level compared with August 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 August 2016 Selling Price vs List Price of 96.3% was down from 97.6% last month and down from 96.4% in August of last year.
The number of New Listings in August 2016 was 132, down -16.5% from 158 last month and equal to 132 in August of last year.
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