By Art Wilson, Realtor
Glencoe's February Property sales were 6, up 100.0% from 3 in February of 2014 and equal to 0.0% 6 sales last month. February 2015 sales were at their highest level compared to February of 2014 and 2013. February YTD sales of 12 are running -7.7% behind last year's year-to-date sales of 13.
The Median Sales Price in February was $612,500, down -17.2% from $740,000 in February of 2014 and down -17.2% from $740,000 last month. The Average Sales Price in February was $714,042, down -24.9% from $950,500 in February of 2014 and down -38.8% from $1,167,033 last month. February 2015 ASP was at the lowest level compared to February of 2014 and 2013.
The Total Inventory of Properties available for sale as of February was 69, up 27.8% from 54 last month and up 11.3% from 62 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 11.5 months was at its lowest 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 49, down -73.7% from 186 days last month and equal to 49 days in February of last year. The February 2015 DOM was at its lowest level 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 93.0% was up from 91.5% last month and down from 96.3% in February of last year.
The number of New Listings in February 2015 was 30, up 200.0% from 10 last month and up 100.0% from 15 in February of last year.
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