By Art Wilson, Realtor
Lake Forest's July Property sales were 48, up 23.1% from 39 in July of 2012 and -15.8% lower than the 57 sales last month. July 2013 sales were at their highest level compared to July of 2012 and 2011. July YTD sales of 238 are running 46.0% ahead of last year's year-to-date sales of 163.
The Median Sales Price in July was $708,500, up 9.0% from $650,000 in July of 2012 and up 1.4% from $699,000 last month. The Average Sales Price in July was $847,000, up 8.0% from $784,308 in July of 2012 and up 6.8% from $792,983 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 228, down -10.2% from 254 last month and down -24.0% from 300 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 4.8 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 65, down -47.6% from 124 days last month and down -60.4% from 164 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 94.0% was up from 93.3% last month and up from 91.4% in July of last year.
The number of New Listings in July 2013 was 50, down -34.2%
from 76 last month and up 25.0% from 40 in July of last year.
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