By Art Wilson, Realtor
Glencoe's May Property sales were 15, down -16.7% from 18 in May of 2013 and equal to 0.0% 15 sales last month. May 2014 sales were at a mid level compared to May of 2013 and 2012. May YTD sales of 47 are running -21.7% behind last year's year-to-date sales of 60.
The Median Sales Price in May was $1,035,000, up 17.6% from $880,000 in May of 2013 and up 26.2% from $820,000 last month. The Average Sales Price in May was $1,024,301, down -0.3% from $1,027,851 in May of 2013 and down -0.9% from $1,033,247 last month. May 2014 ASP was at a mid range compared to May of 2013 and 2012.
The Total Inventory of Properties available for sale as of May was 76, up 7.0% from 71 last month and down -3.8% from 79 in May of last year. May 2014 Inventory was at the lowest level compared to May of 2013 and 2012.
The May 2014 Months Supply of Inventory of 5.1 months was at a mid range compared with May 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 May was 92, up 15.0% from 80 days last month and up 37.3% from 67 days in May of last year. The May 2014 DOM was at a mid range compared with May 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 May 2014 Selling Price vs List Price of 94.0% was up from 92.5% last month and down from 96.5% in May of last year.
The number of New Listings in May 2014 was 28, down -9.7% from 31 last month and down -28.2% from 39 in May of last year.
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