Property sales still in doldrums

Property sales in Evanston dropped to their lowest level in three months in August with just 95 transactions reported.

A year ago 154 properties changed hands in August.

It marks the 15th month in a row of declining sales compared to year-earlier levels.

Looking just at the past 12 months, monthly sales levels have been somewhat more robust through the spring and summer, down in about a third, compared to the winter months when sales were off closer to 50 percent.

But the summer sales a year ago were already reflecting the beginnings of the sales slump.

Figures from the City Clerk's office show that the average selling price last month was down about 5 percent from July when two office buildings in the Research Park area changed hands, but it was up nearly 8 percent from the average of the last several months.

The drop in property sales is creating a significant hole in the city's budget. City officials had projected they'd raise $3.7 million from the real estate transfer tax when the adopted the budget in February, but tax collections through august have totalled $1.425 million --  23 percent short of the pace needed to reach that goal.

Two properties that have been in the news recently changed hands last month.

National Louis University closed on its $3.6 million purchase of an office building at 1620 Central St. after winning approval from the city for its plans to use the building as a dormitory for the PACE program that trains young adults with multiple disabilities for careers.

And the home at 1501 Forest Ave. was acquired for $1.125 million by new owners who are seeking to move the house and subdivide the lot.

Other transactions that topped the million dollar mark in August included the following single-family homes: