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Property sales volume picks up a bit

Property sales volume in Evanston in the second quarter this year was down 35 percent from the same period last year. But that was less than the 48 percent drop recorded in the first quarter.

Transactions

Monthly transaction figures now have been down, compared to year earlier figures, for 13 straight months.

The figures, based on Real Estate Transfer Tax data compiled by the City Clerk’s office, also show that for the period from February through June the average selling price of a property in Evanston is down 5.5 percent compared to the same period in 2007.

Price

The average selling price for those months this year this year was $475,986, compared to $503,455 in the same period last year.

(The $101 million sale of the Park Evanston apartment tower in January 2008 makes that month’s price figure not comparable with the prior year.)

Although the vast majority of transactions subject to the transfer tax involve single family homes, it also captures sales of commercial and multi-family residential property, which tends to raise the average sale price.

The average price, or arithmetic mean, also tends to be higher than the median — the midpoint of a distribution of housing sale prices.

In the first four months of this fiscal year the city has collected just $855,849 from the real estate transfer tax. If that pace continues, it will leave more than a million dollar hole in the city budget, because city officials predicted the transfer tax would raise $3,700,000 this year.

Among the properties that changed hands for over $1 million last month:

  • A single-family home at 2812 Lincoln Ave. sold for $1.6 million.
  • A single-family home at 2131 Forestview Road sold for $1.41 million.
  • An apartment building at 814-816 Mulford St. sold for $1.3 million.
  • A single-family home at 1427 Hinman Ave. sold for $1.29 million.
  • A single-family home at 1600 Colfax St. sold for $1.225 million.
  • A single-family home at 1030 Michigan Ave. sold for $1.225 million.
  • A single-family home at 806 Milburn St. sold for $1.15 million.
  • A single-family home at 1231 Asbury Ave. sold for $1.1 million.

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