By Art Wilson, Realtor
Highland Park's February Property sales were 21, down -19.2% from 26 in February of 2016 and -30.0% lower than the 30 sales last month. February 2017 sales were at a mid level compared to February of 2016 and 2015. February YTD sales of 51 are running -12.1% behind last year's year-to-date sales of 58.
The Median Sales Price in February was $394,900, down -13.7% from $457,500 in February of 2016 and down -21.4% from $502,500 last month. The Average Sales Price in February was $494,673, up 10.4% from $448,125 in February of 2016 and down -20.4% from $621,184 last month. February 2017 ASP was at a mid range compared to February of 2016 and 2015.
The Total Inventory of Properties available for sale as of February was 309, up 16.2% from 266 last month and up 6.2% from 291 in February of last year. February 2017 Inventory was at highest level compared to February of 2016 and 2015.
The February 2017 Month’s Supply of Inventory of 14.7 months was at its highest level compared with February of 2016 and 2015. 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 116, up 70.6% from 68 days last month and up 26.1% from 92 days in February of last year. The February 2017 DOM was at its highest level compared with February of 2016 and 2015.
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 2017 Selling Price vs List Price of 86.9% was down from 90.2% last month and down from 88.1% in February of last year.
The number of New Listings in February 2017 was 129, up 53.6% from 84 last month and up 21.7% from 106 in February of last year.