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Home prices rise, sales volume still lags

The average selling price of properties in Evanston rose last month, boosted by several sales in the over-a-million dollar range; but sales volume continued to fall below year-ago levels, as it has for most of the past year.

The average selling price of properties in Evanston rose last month, boosted by several sales in the over-a-million dollar range; but sales volume continued to fall below year-ago levels, as it has for most of the past year.

For the new fiscal year that started in March, transactions so far are off 11 percent from 2005-06 and down 24 percent from 2004-05.

In the new fiscal year so far, the average selling price of homes and other property covered by the transfer tax is up 6.5 percent from the same period in 2005-06, and up 44.4 percent from the same period in 2004-05.

For the full fiscal year that ended in February, average selling prices were up 13 percent from the previous year.

The transfer tax is charged at a rate of $5 per $1,000 of selling price. The city expects to raise $4,000,000 from the transfer tax this year, a level it just barely reached last year. For the year to date, revenue is running about 1 percent below the level needed to reach the target.

The largest transaction reported in May was $5.2 million for a large courtyard apartment building at 400-412 Lee St and 940 Judson Ave.

Two single family homes a block from the lake drew the next highest prices — $1,974,000 for 1615 Judson Ave. and $1,395,000 for 1513 Forest Ave.

Two multi-family buildings in south Evanston were next on the list –- 814-816 Mulford St. at $1,375,000 and 801-803 Cast St. at $1,250,000.

A condo at 1519 Hinman Ave. sold for $1,065,000 and a single-family home at 2521 Ridgeway Ave. went for $1,005,000.

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