By Art Wilson, Realtor
Evanston's January Property sales were 48, down -2.0% from 49 in January of 2016 and -34.2% lower than the 73 sales last month. January 2017 sales were at a mid level compared to January of 2016 and 2015. January YTD sales of 48 are running -2.0% behind last year's year-to-date sales of 49.
The Median Sales Price in January was $281,500, down -4.6% from $295,000 in January of 2016 and down -14.7% from $330,000 last month. The Average Sales Price in January was $381,769, down -6.7% from $409,083 in January of 2016 and down -8.5% from $417,113 last month. January 2017 ASP was at the lowest level compared to January of 2016 and 2015.
The Total Inventory of Properties available for sale as of January was 170, up 1.2% from 168 last month and down -35.1% from 262 in January of last year. January 2017 Inventory was at the lowest level compared to January of 2016 and 2015.
The January 2017 Months Supply of Inventory of 3.5 months was at its lowest level compared with January of 2016 and 2015. 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 76, up 16.9% from 65 days last month and up 2.7% from 74 days in January of last year. The January 2017 DOM was at a mid range compared with January of 2016 and 2015.
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 2017 Selling Price vs List Price of 93.5% was up from 91.1% last month and up from 92.4% in January of last year.
The number of New Listings in January 2017 was 110, up 182.1% from 39 last month and down -9.1% from 121 in January of last year.
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