By Art Wilson, Realtor
Highland Park's May Property sales were 57, up 62.9% from 35 in May of 2012 and 9.6% higher than the 52 sales last month. May 2013 sales were at their highest level compared to May of 2012 and 2011. May YTD sales of 194 are running 27.6% ahead of last year's year-to-date sales of 152.
The Median Sales Price in May was $425,000, down -11.8% from $481,750 in May of 2012 and up 2.7% from $413,750 last month. The Average Sales Price in May was $429,735, down -27.7% from $594,682 in May of 2012 and down -8.2% from $467,989 last month. May 2013 ASP was at the lowest level compared to May of 2012 and 2011.
The Total Inventory of Properties available for sale as of May was 217, down -3.1% from 224 last month and down -35.4% from 336 in May of last year. May 2013 Inventory was at the lowest level compared to May of 2012 and 2011.
The May 2013 Months Supply of Inventory of 3.8 months was at its lowest level compared with May 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 May was 80, up 15.9% from 69 days last month and down -9.1% from 88 days in May of last year. The May 2013 DOM was at its lowest level compared with May 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 May 2013 Selling Price vs List Price of 95.3% was up from 94.6% last month and up from 93.4% in May of last year.
The number of New Listings in May 2013 was 83, down -5.7% from 88 last month and down -5.7% from 88 in May of last year.
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