By Art Wilson, Realtor
Evanston's March Property sales were 86, down -9.5% from 95 in March of 2016 and 72.0% higher than the 50 sales last month. March 2017 sales were at their lowest level compared to March of 2016 and 2015. March YTD sales of 184 are running equal to last year's year-to-date sales of 184.
The Median Sales Price in March was $320,000, up 28.0% from $250,000 in March of 2016 and up 42.2% from $225,000 last month. The Average Sales Price in March was $385,709, up 20.0% from $321,484 in March of 2016 and up 27.1% from $303,483 last month. March 2017 ASP was at highest level compared to March of 2016 and 2015.
The Total Inventory of Properties available for sale as of March was 212, up 0.5% from 211 last month and down -26.4% from 288 in March of last year. March 2017 Inventory was at the lowest level compared to March of 2016 and 2015.
The March 2017 Month’s Supply of Inventory of 2.5 months was at its lowest level compared with March 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 March was 44, down -10.2% from 49 days last month and down -47.0% from 83 days in March of last year. The March 2017 DOM was at its lowest level compared with March 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 March 2017 Selling Price vs List Price of 97.4% was up from 94.4% last month and up from 93.8% in March of last year.
The number of New Listings in March 2017 was 171, up 6.9% from 160 last month and up 7.5% from 159 in March of last year.
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