By Art Wilson, Realtor
Northbrook's February Property sales were 35, up 25.0% from 28 in February of 2016 and -10.3% lower than the 39 sales last month. February 2017 sales were at a mid level compared to February of 2016 and 2015. February YTD sales of 74 are running 8.8% ahead of last year's year-to-date sales of 68.
The Median Sales Price in February was $457,000, up 10.5% from $413,500 in February of 2016 and up 26.9% from $360,000 last month. The Average Sales Price in February was $609,769, up 33.8% from $455,679 in February of 2016 and up 51.3% from $403,005 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 261, up 9.7% from 238 last month and up 5.7% from 247 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 7.5 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 71, up 16.4% from 61 days last month and down -7.8% from 77 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 90.5% wasdown from 92.1% last month and down from 93.1% in February of last year.
The number of New Listings in February 2017 was 148, up 54.2% from 96 last month and up 49.5% from 99 in February of last year.