By Art Wilson, Realtor
Lake Forest's March Property sales were 18, down -37.9% from 29 in March of 2013 and -10.0% lower than the 20 sales last month. March 2014 sales were at their lowest level compared to March of 2013 and 2012. March YTD sales of 61 are running -7.6% behind last year's year-to-date sales of 66.
The Median Sales Price in March was $833,000, up 22.5% from $680,000 in March of 2013 and up 32.2% from $630,225 last month. The Average Sales Price in March was $1,283,653, up 36.7% from $939,103 in March of 2013 and up 94.4% from $660,466 last month. March 2014 ASP was at highest level compared to March of 2013 and 2012.
The Total Inventory of Properties available for sale as of March was 182, up 1.7% from 179 last month and down -14.2% from 212 in March of last year.March 2014 Inventory was at the lowest level compared to March of 2013 and 2012.
The March 2014 Months Supply of Inventory of 10.1 months was at a mid range compared with March 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 amove towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for March was 84, down -10.6% from 94 days last month and down -27.0% from 115 days in March of last year. The March 2014 DOM was at its lowest level compared with March of 2013 and 2012.
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 March 2014 Selling Price vs List Price of 94.3% was down from 94.8% last month and up from 92.0% in March of last year.
The number of New Listings in March 2014 was 57, up 29.5% from 44 last month and up 32.6% from 43 in March of last year.
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