By Art Wilson, Realtor
Lake Forest's November Property sales were 25, up 13.6% from 22 in November of 2012 and -13.8% lower than the 29 sales last month. November 2013 sales were at their highest level compared to November of 2012 and 2011. November YTD sales of 377 are running 44.4% ahead of last year's year-to-date sales of 261.
The Median Sales Price in November was $702,500, up 10.4% from $636,500 in November of 2012 and up 5.6% from $665,000 last month. The Average Sales Price in November was $846,601, up 12.4% from $753,539 in November of 2012 and down -11.8% from $959,457 last month. November 2013 ASP was at a mid range compared to November of 2012 and 2011.
The Total Inventory of Properties available for sale as of November was 182, down -17.3% from 220 last month and down -18.4% from 223 in November of last year. November 2013 Inventory was at the lowest level compared to November of 2012 and 2011.
The November 2013 Months Supply of Inventory of 7.3 months was at its lowest level compared with November 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 November was 76, down -22.4% from 98 days last month and down -45.3% from 139 days in November of last year. The November 2013 DOM was at its lowest level compared with November 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 November 2013 Selling Price vs List Price of 94.6% was up from 92.3% last month and up from 90.2% in November of last year.
The number of New Listings in November 2013 was 27, down -37.2% from 43 last month and down -3.6% from 28 in November of last year.
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