By Art Wilson, Realtor
Lake Forest's February Property sales were 21, up 110.0% from 10 in February of 2012 and 40.0% higher than the 15 sales last month. February 2013 sales were at their highest level compared to February of 2012 and 2011. February YTD sales of 36 are running 80.0% ahead of last year's year-to-date sales of 20.
The Median Sales Price in February was $718,000, down -18.4% from $879,500 in February of 2012 and up 55.2% from $462,500 last month. The Average Sales Price in February was $706,190, down -30.3% from $1,013,150 in February of 2012 and up 6.9% from $660,700 last month. February 2013 ASP was at the lowest level compared to February of 2012 and 2011.
The Total Inventory of Properties available for sale as of February was 195, up 0.5% from 194 last month and down -32.5% from 289 in February of last year. February 2013 Inventory was at the lowest level compared to February of 2012 and 2011.
The February 2013 Months Supply of Inventory of 9.3 months was at its lowest level compared with February of 2012 and 2011. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.
The average Days On Market (DOM) is how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for February was 141, up 6.8% from 132 days last month and down -46.6% from 264 days in February of last year. The February 2013 DOM was at a mid range compared with February of 2012 and 2011.
The Selling Price vs Listing Price is the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The February 2013 Selling Price vs List Price of 92.5% was up from 89.4% last month and up from 87.4% in February of last year.
The number of New Listings in February 2013 was 68, up 33.3% from 51 last month and up 23.6% from 55 in February of last year.
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