By Art Wilson, Realtor
Wilmette's August Property sales were 43, down -4.4% from 45 in August of 2014 and -24.6% lower than the 57 sales last month. August 2015 sales were at their lowest level compared to August of 2014 and 2013. August YTD sales of 327 are running -8.1% behind last year's year-to-date sales of 356.
The Median Sales Price in August was $735,000, up 3.5% from $710,000 in August of 2014 and up 9.9% from $669,000 last month. The Average Sales Price in August was $742,366, down -10.0% from $824,767 in August of 2014 and down -5.6% from $786,558 last month. August 2015 ASP was at a mid range compared to August of 2014 and 2013.
The Total Inventory of Properties available for sale as of August was 211, down -9.8% from 234 last month and up 39.7% from 151 in August of last year. August 2015 Inventory was at highest level compared to August of 2014 and 2013.
The August 2015 Months Supply of Inventoryof 4.9 months was at its highest level compared with August 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 August was 40, down -13.0% from 46 days last month and up 100.0% from 20 days in August of last year. The August 2015 DOM was at a mid range compared with August 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 August 2015 Selling Price vs List Price of 96.5% was down from 96.7% last month and down from 96.9% in August of last year.
The number of New Listings in August 2015 was 51, down -42.7% from 89 last month and down -12.1% from 58 in August of last year.
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