By Art Wilson, Realtor
Highland Park's January Property sales were 23, equal to 23 in January of 2013 and -42.5% lower than the 40 sales last month. January 2014 sales were at a mid level compared to January of 2013 and 2012. January YTD sales of 23 are running equal to last year's year-to-date sales of 23.
The Median Sales Price in January was $472,500, up 35.8% from $348,000 in January of 2013 and up 3.0% from $458,600 last month. The Average Sales Price in January was $584,848, up 43.2% from $408,522 in January of 2013 and up 7.2% from $545,656 last month. January 2014 ASP was at highest level compared to January of 2013 and 2012.
The Total Inventory of Properties available for sale as of January was 126, down -6.7% from 135 last month and down -46.4% from 235 in January of last year. January 2014 Inventory was at the lowest level compared to January of 2013 and 2012.
The January 2014 Months Supply of Inventory of 5.5 months was at its lowest level compared with January of 2013 and 2012. 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 January was 44, down -30.2% from 63 days last month and down -63.6% from 121 days in January of last year. The January 2014 DOM was at its lowest level compared with January of 2013 and 2012.
The Selling Price vs Listing Price reveals 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 January 2014 Selling Price vs List Price of 94.1% was down from 95.1% last month and down from 95.3% in January of last year.
The number of New Listings in January 2014 was 46, up 35.3% from 34 last month and down -30.3% from 66 in January of last year.
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