selling price

The average selling prices for properties changing hands in Evanston in February rebounded from prior month and year ago levels.

The average selling prices for properties changing hands in Evanston in February rebounded from prior month and year ago levels.

The average selling prices was $481,040 this February, compared to $425,354 last month and $471,993 a year ago.

For the city’s fiscal year that ended in February, average selling prices are up 14.3 percent from the previous year and 29.1 percent from two years ago.

But much of the rise in average prices stems from three unusually large sales — of the 1603 Orrington Ave. building, the Church Street Plaza development and the retail portion of the Sherman Plaza complex. Median prices for residential properties have shown much smaller changes.

The number of real estate transactions for the fiscal year totaled 1,743. That’s down 3.4 percent from the previous year and 15 percent from two years ago.

The city finished the fiscal year collecting $4,498,184 in real estate transfer tax revenue, 12.4 percent ahead of its budget goal for the year.

Only one transaction valued at over a million dollars was recorded in February. The two-story retail and office building on the southeast corner of Main Street and Chicago Avenue sold for $4.25 million. It’s scheduled to be demolished and turned into a nine-story retail and condominium development.

Bill Smith is the editor and publisher of Evanston Now.

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