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Art Wilson's Blog

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

Evanston IL Real Estate Market Action Report November 2012


Evanston's October Property sales were 60, up 7.1% from 56 in October of 2011 and 17.6% higher than the 51 sales last month. October 2012 sales were at their highest level compared to October of 2011 and 2010. October YTD sales of 701 are running 14.5% ahead of last year's year-to-date sales of 612.

The Median Sales Price in October was $223,500, down -31.8% from $327,500 in October of 2011 and down -10.6% from $250,000 last month. The Average Sales Price in October was $306,461, down -18.8% from $377,387 in October of 2011 and down -2.3% from $313,833 last month. October 2012 ASP was at the lowest level compared to October of 2011 and 2010.

The Total Inventory of Properties available for sale as of October was 356, down -10.1% from 396 last month and down -40.2% from 595 in October of last year. October 2012 Inventory was at the lowest level compared to October of 2011 and 2010.

The October 2012 Months Supply of Inventory of 5.9 months was at its lowest level compared with October 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 October was 107, up 27.4% from 84 days last month and up 21.6% from 88 days in October of last year. The October 2012 DOM was at a mid range compared with October 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 October 2012 Selling Price vs List Price of 94.9% was up from 94.7% last month and up from 94.7% in October of last year.

The number of New Listings in October 2012 was 97, down ­14.9% from 114 last month and down -3.0% from 100 in October of last year.

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