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Property sales slow sharply

Property sales in Evanston last month reached their lowest level in more than three years.

Transactions

Figures from the City Clerk’s office show that just 73 properties changed hands, the lowest monthly number since at least 2004. In October last year 118 properties sold.

The average selling price for properties in Evanston last month was $533,488, which represented the first year-over-year monthly price decline in five months.

Average price

For the last 12 months the average property transaction price in Evanston is up 9.7 percent compared with the year earlier period while the number of transactions is donw 14 percent.

Last month’ sales topping the $1 million barrier included a 50-year-old, 38-unit apartment building at 510 Sheridan Road sold for $4.1 million. The property had been acquired by the sellers in 2002 for $3.65 million. Last year Evanston developer Robert Horner proposed a seven-story condo building for the site, a project he’s since dropped as the condo market cooled.

In addition:

  • A top-floor condo in Sherman Plaza at 807 Davis St. sold for $2.08 million and one on the 23rd floor sold for $1.16 million.
  • A single-family home at 1630 Judson Ave. sold for $1.85 million.
  • A three-year-old home at 2720 Noyes St. sold for $1.7 million.
  • A condo in the former District 65 headquarters building at 1314 Ridge Ave. sold for $1.17 million.

The city gets about five percent of its general fund budget from the Real Estate Transfer Tax, charged at $5 for every $1,000 of selling price.

Eight months into the city’s fiscal year, collections are running 7.7 percent ahead of the pace needed to reach the $4.055 million budget goal.

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