Wilmette IL Real Estate Market Action Report December 2013

By Art Wilson, Realtor

Wilmette's November Property sales were 30, up 30.4% from 23 in November of 2012 and -18.9% lower than the 37 sales last month. November 2013 sales were at their highest level compared to November of 2012 and 2011. November YTD sales of 449 are running 14.5% ahead of last year's year-to-date sales of 392.

The Median Sales Price in November was $580,000, up 54.7% from $375,000 in November of 2012 and up 13.9% from $509,000 last month. The Average Sales Price in November was $663,063, up 34.6% from $492,691 in November of 2012 and up 10.0% from $602,690 last month. November 2013 ASP was at highest level compared to November of 2012 and 2011.

The Total Inventory of Properties available for sale as of November was 108, down -20.6% from 136 last month and down -20.6% from 136 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 3.6 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 82, down -3.5% from 85 days last month and up 3.8% from 79 days in November of last year. The November 2013 DOM was at a mid range 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 96.4% was up from 93.5% last month and up from 93.8% in November of last year.

The number of New Listings in November 2013 was 29, down -35.6% from 45 last month and up 3.6% from 28 in November of last year.