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Property sales volume still down

Average selling price chart

The number of property sales in Evanston so far this year is down 12 percent from the same period last year, but prices so far have squeezed out a 1.4 percent increase.

Average selling price chart 

Two large commercial transactions helped boost sales figures for last month.

The eight-story Shand Morahan Plaza office building at 1007 Church St. downtown sold for $27 million and the building that houses the Dominick's supermarket at 2748 Green Bay Road was sold for $7.55 million. In the only other $1 million plus commercial transaction, the Citgo Gas station at 1925 Green Bay Road sold for $1.2 million.

Overall last month figures from the City Clerk's office show 154 properties changed hands, down from 216 sales in August last year. But the value of sales last month totaled $107.6 million, up from $98.5 million a year ago.

Transactions chart 

For the past 12 months the number of sales is down 9.8 percent, while the average price is up 22.1 percent, compared to the year earlier period.

Seven residential properties cracked the $1 million barrier last month:

  • A mansion at 2888 Sheridan Place, sold for $4.1 million.
  • A lakefront home at 101 Hamilton St., sold for $2.85 million.
  • A home at 1145 Sheridan Road, sold for $2.3 million.
  • A home at 2524 Hurd Ave., sold for $1.53 million.
  • A condo in the former District 65 administration building at 1314 Ridge Ave., sold for $1.385 million.
  • A home at 1142 Asbury Ave., sold for $1.17 million.
  • A home at 2012 Harrison St., sold for $1 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.

Half way through the city's fiscal year, collections are running 21 percent ahead of the pace needed to reach the $4.055 million budget goal.

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