By Art Wilson, Realtor
Highland Park's February Property sales were 18, equal to 18 in February of 2014 and -37.9% lower than the 29 sales last month. February 2015 sales were at their lowest level compared to February of 2014 and 2013. February YTD sales of 47 are running 14.6% ahead of last year's year-to-date sales of 41.
The Median Sales Price in February was $681,250, up 39.7% from $487,500 in February of 2014 and up 31.8% from $517,000 last month. The Average Sales Price in February was $763,356, up 38.5% from $551,350 in February of 2014 and up 56.6% from $487,418 last month. February 2015 ASP was at highest level compared to February of 2014 and 2013.
The Total Inventory of Properties available for sale as of February was 212, up 6.0% from 200 last month and up 30.1% from 163 in February of last year. February 2015 Inventory was at a mid-range compared to February of 2014 and 2013.
The February 2015 Months Supply of Inventory of 11.8 months was at its highest level compared with February of 2014 and 2013. 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 February was 55, down -50.0% from 110 days last month and up 25.0% from 44 days in February of last year. The February 2015 DOM was at a mid-range compared with February of 2014 and 2013.
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 February 2015 Selling Price vs List Price of 96.2% was up from 93.2% last month and down from 96.5% in February of last year.
The number of New Listings in February 2015 was 74, up 32.1% from 56 last month and up 13.8% from 65 in February of last year.
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