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Sales edge up, but prices fall

The average selling price of properties in Evanston fell sharply in July while the number of properties sold edged up slightly.

The average price in June had been held up by an unusually high number of sales in the over-a-million dollar range. Those high-end sales fell from 18 in June to a closer-to-average 10 in July.

The average selling price in July was $417,530, down from $512,391 in June. For the new fiscal year so far, the average selling prices of homes and other property covered by the city’s Real Estate Transfer Tax is up 5.7 percent from the same period in 2005-06, and up 23.5 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 $1000 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. After a slow start, tax receipts are now running 18 percent ahead of that target.

Total transactions in July were 210, up slightly from the 207 recorded in June.

In the largest property transfer of the month, a 25-unit courtyard apartment building at 834-840 Judson Ave. built in 1927 sold for $4.5 million.

In the most expensive single family home transaction last month, a 3,500 square foot Tudor style brick home at 2728 Lincoln St. built in 1926 sold for $1.5 million.

Eight other single-family homes sold for between $1 million and $1.28 million last month.

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