By Art Wilson, Realtor
Lake Forest's February Property sales were 12, down -29.4% from 17 in February of 2016 and 20.0% higher than the 10 sales last month. February 2017 sales were at their lowest level compared to February of 2016 and 2015. February YTD sales of 22 are running -35.3% behind last year's year-to-date sales of 34.
The Median Sales Price in February was $1,042,500, up 98.6% from $525,000 in February of 2016 and up 56.5% from $666,250 last month. The Average Sales Price in February was $1,048,833, up 55.0% from $676,765 in February of 2016 and up 16.2% from $902,371 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 309, up 4.0% from 297 last month and down -4.3% from 323 in February of last year. February 2017 Inventory was at a mid range compared to February of 2016 and 2015.
The February 2017 Month’s Supply of Inventory of 25.8 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 225, up 192.2% from 77 days last month and up 56.3% from 144 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 86.8% was down from 90.7% last month and up from 84.9% in February of last year.
The number of New Listings in February 2017 was 72, up 2.9% from 70 last month and down -15.3% from 85 in February of last year.