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Art Wilson's Blog

By Michele & Art Wilson | Broker in Lake Forest, IL

Evanston IL Real Estate Market Action Report October 2012

Evanston's September Property sales were 49, down -22.2% from 63 in September of 2011 and -50.0% lower than the 98 sales last month. September 2012 sales were at their lowest level compared to September of 2011 and 2010. September YTD sales of 639 are running 14.9% ahead of last year's year-to-date sales of 556.

The Median Sales Price in September was $250,000, down -24.5% from $331,000 in September of 2011 and down -16.5% from $299,250 last month. The Average Sales Price in September was $314,663, down -17.1% from $379,610 in September of 2011 and down -9.6% from $348,112 last month. September 2012 ASP was at the lowest level compared to September of 2011 and 2010.

The Total Inventory of Properties available for sale as of September was 384, down -7.5% from 415 last month and down -42.2% from 664 in September of last year. September 2012 Inventory was at the lowest level compared to September of 2011 and 2010.

The September 2012 Months Supply of Inventory of 7.8 months was at its lowest level compared with September of 2011 and 2010. 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
September was 79, up 9.7% from 72 days last month and down -9.2% from 87 days in September of last year. The September 2012 DOM was at its lowest level compared with September of 2011 and 2010.

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 September 2012 Selling Price vs List Price of 94.8% was up from 94.7% last month and up from 94.6% in September of last year.

The number of New Listings in September 2012 was 114, up 5.6% from 108 last month and down -27.4% from 157 in September of last year.

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