Wilmette IL Real Estate Market Action Report October 2013

By Art Wilson, Realtor

Wilmette's September Property sales were 38, up 52.0% from 25 in September of 2012 and -33.3% lower than the 57 sales last month. September 2013 sales were at their highest level compared to September of 2012 and 2011. September YTD sales of 379 are running 12.5% ahead of last year's year-to-date sales of 337.

The Median Sales Price in September was $453,750, down -29.7% from $645,000 in September of 2012 and down -23.1% from $590,000 last month. The Average Sales Price in September was $542,184, down -28.5% from $758,780 in September of 2012 and down -15.9% from $644,612 last month. September 2013 ASP was at the lowest level compared to September of 2012 and 2011.

The Total Inventory of Properties available for sale as of September was 135, down -2.2% from 138 last month and down -18.7% from 166 in September of last year. September 2013 Inventory was at the lowest level compared to September of 2012 and 2011.

The September 2013 Months Supply of Inventory of 3.6 months was at its lowest level compared with September 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 September was 67, up 59.5% from 42 days last month and up 71.8% from 39 days in September of last year. The September 2013 DOM was at a mid range compared with September 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 September 2013 Selling Price vs List Price of 94.8% was down from 96.7% last month and down from 95.2% in September of last year.

The number of New Listings in September 2013 was 48, down -7.7% from 52 last month and up 11.6% from 43 in September of last year.