Transactions

Property sales in Evanston declined 12 percent from year-ago levels last month and the average selling price fell 4 percent.

Property sales in Evanston declined 12 percent from year-ago levels last month and the average selling price fell 4 percent.

Figures from the city clerk’s office show 129 property sales in April, compared to 147 sales in April 2006 and 180 sales in April 2005.

The average selling price was $446,657. That’s down from $466,776 in April 2006 and $464,201 in April 2005.

The monthly transfer tax figures include commercial as well as residential properties, although there were no unusually large commercial sales last month.

For past 12 months sales volume is off 3.4 percent from the year-earlier period. The average selling price over the past 12 months is up 18.6 percent from the year-earlier period, but includes two major commercial property transactions that substantially raised the average.

Six properties sold for $1 million or more last month. A two-story office building at 1508 Sherman Ave. sold for $2.2 million. A lakefront home at 568 Ingleside Park sold for $1.8 million. A Prairie-style single-family home at 2610 Lincoln St. sold for $1.76 million. The former Catholic Women’s Club building at 1560 Oak Ave., soon to be the site of a clock museum, sold for $1.4 million. A tile-roofed single family home at 731 Forest Ave. sold for $1.2 million. And a two-story brick home at 2819 Garrison Ave. sold for $1 million.

The city anticipates raising $4.06 million from the Real Estate Transfer Tax in the fiscal year that started in March. For the year so far collections from the 0.5 percent tax on property sales are $643,695 — 5 percent below the level needed to reach the budget target.

Bill Smith is the editor and publisher of Evanston Now.

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2 Comments

  1. Bill – do you remember when council adjusted fees?
    Bill – remember during the budget hearing when the council claimed that staff was too conservative in thier estimate for fee collection from various sources? I can not remember if this was one of the fees adjusted. But it is interesting. I also think they are going to fall short on parking enforcement fees since they are not going after them quite as much for street cleaning. But lets wait and see.

    1. Budget projections
      Hi Junad,
      The projected increase in real estate transfer tax revenue included in this year’s budget was $55,000 on a base of $4 million — or a little over 1 percent.
      I wouldn’t claim to know whether that will turn out to be on target or not.
      Bill

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