Wilmette IL Real Estate Market Action Report October 2016

By Art Wilson, Realtor

Wilmette's September Property sales were 39, up 25.8% from 31 in September of 2015 and -27.8% lower than the 54 sales last month. September 2016 sales were at their highest level compared to September of 2015 and 2014. September YTD sales of 398 are running 10.9% ahead of last year's year-to-date sales of 359.

The Median Sales Price in September was $571,500, up 3.9% from $550,000 in September of 2015 and down -10.6% from $639,500 last month. The Average Sales Price in September was $697,159, up 2.2% from $681,871 in September of 2015 and up 1.6% from $686,084 last month. September 2016 ASP was at highest level compared to September of 2015 and 2014.

The Total Inventory of Properties available for sale as of September was 208, up 1.5% from 205 last month and down -1.0% from 210 in September of last year. September 2016 Inventory was at a mid range compared to September of 2015 and 2014.

The September 2016 Months Supply of Inventory of 5.3 months was at its lowest level compared with September of 2015 and 2014. 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 September was 49, down -2.0% from 50 days last month and equal to 49 days in September of last year. The September 2016 DOM was at its lowest level compared with September of 2015 and 2014.

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 September 2016 Selling Price vs List Price of 94.8% was down from 96.2% last month and down from 96.3% in September of last year.

The number of New Listings in September 2016 was 60, up 3.4% from 58 last month and up 15.4% from 52 in September of last year.