By Art Wilson, Realtor
Lake Bluff's July Property sales were 23, up 21.1% from 19 in July of 2012 and 27.8% higher than the 18 sales last month. July 2013 sales were at their highest level compared to July of 2012 and 2011. July YTD sales of 111 are running 44.2% ahead of last year's year-to-date sales of 77.
The Median Sales Price in July was $446,000, up 23.9% from $360,000 in July of 2012 and up 15.1% from $387,500 last month. The Average Sales Price in July was $475,109, up 0.2% from $474,116 in July of 2012 and down -16.8% from $571,333 last month. July 2013 ASP was at a mid range compared to July of 2012 and 2011.
The Total Inventory of Properties available for sale as of July was 71, down -1.4% from 72 last month and down -33.0% from 106 in July of last year. July 2013 Inventory was at the lowest level compared to July of 2012 and 2011.
The July 2013 Months Supply of Inventory of 3.1 months was at its lowest level compared with July 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 July was 33, down -45.9% from 61 days last month and down -79.5% from 161 days in July of last year. The July 2013 DOM was at its lowest level compared with July 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 July 2013 Selling Price vs List Price of 94.8% was up from 93.7% last month and up from 89.8% in July of last year.
The number of New Listings in July 2013 was 25, down -19.4% from 31 last month and up 8.7% from 23 in July of last year.
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