Lake Bluff IL Real Estate Market Action Report March 2017

By
Real Estate Agent with Coldwell Banker Residential Brokerage

By Art Wilson, Realtor

Lake Bluff's February Property sales were 9, up 125.0% from 4 in February of 2016 and 80.0% higher than the 5 sales last month. February 2017 sales were at their highest level compared to February of 2016 and 2015. February YTD sales of 14 are running 27.3% ahead of last year's year-to-date sales of 11.

The Median Sales Price in February was $375,000, up 164.1% from $142,000 in February of 2016 and up 56.3% from $240,000 last month. The Average Sales Price in February was $611,500, up 213.2% from $195,250 in February of 2016 and up 22.1% from $500,900 last month. February 2017 ASP was at highest level compared to February of 2016 and 2015.

The Total Inventory of Properties available for sale as of February was 87, up 10.1% from 79 last month and up 8.7% from 80 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 9.7 months was at a mid range 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 100, up 11.1% from 90 days last month and down -16.0% from 119 days in February of last year. The February 2017 DOM was at its lowest 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 91.0% was down from 95.9% last month and up from 85.1% in February of last year.

The number of New Listings in February 2017 was 30, up 11.1% from 27 last month and down -6.3% from 32 in February of last year.

Posted by

Art Wilson, Broker, ABR, CRP, CRS
Coldwell Banker Residential Brokerage        
552 Lincoln Ave.Winnetka, IL 60093              

Cell: 847-363-1599

Serving Chicago's North Shore Suburbs

Art.Wilson@cbexchange.com 
www.NorthShoreHomesOnline.com

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