By Art Wilson, Realtor
Evanston’s August Property sales were 113, down -15.7% from 134 in August of 2016 and -0.9% lower than the 114 sales last month. August 2017 sales were at their lowest level compared to August of 2016 and 2015. August YTD sales of 796 are running -4.1% behind last year's year-to-date sales of 830.
The Median Sales Price in August was $346,000, up 10.3% from $313,750 in August of 2016 and up 1.9% from $339,500 last month. The Average Sales Price in August was $454,259, up 10.2% from $412,062 in August of 2016 and down -6.5% from $485,796 last month. August 2017 ASP was at highest level compared to August of 2016 and 2015.
The Total Inventory of Properties available for sale as of August was 267, up 5.5% from 253 last month and down -5.0% from 281 in August of last year. August 2017 Inventory was at the lowest level compared to August of 2016 and 2015.
The August 2017 Month’s Supply of Inventory of 2.4 months was at a mid range compared with August 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 August was 34, up 6.3% from 32 days last month and down -38.2% from 55 days in August of last year. The August 2017 DOM was at its lowest level compared with August 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 August 2017 Selling Price vs List Price of 96.2% was equal to 96.2% last month and up from 94.1% in August of last year.
The number of New Listings in August 2017 was 145, down -2.0% from 148 last month and up 9.0% from 133 in August of last year.