By Art Wilson, Realtor
Lake Bluff's March Property sales were 9, down -40.0% from 15 in March of 2016 and equal to 0.0% 9 sales last month. March 2017 sales were at their lowest level compared to March of 2016 and 2015. March YTD sales of 23 are running -11.5% behind last year's year-to-date sales of 26.
The Median Sales Price in March was $403,200, up 0.8% from $400,000 in March of 2016 and up 7.5% from $375,000 last month. The Average Sales Price in March was $543,689, up 17.9% from $461,217 in March of 2016 and down -11.1% from $611,500 last month. March 2017 ASP was at highest level compared to March of 2016 and 2015.
The Total Inventory of Properties available for sale as of March was 81, down -9.0% from 89 last month and down -8.0% from 88 in March of last year. March 2017 Inventory was at a mid range compared to March of 2016 and 2015.
The March 2017 Month’s Supply of Inventory of 9.0 months was at its highest level compared with March 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 March was 128, up 28.0% from 100 days last month and up 7.6% from 119 days in March of last year. The March 2017 DOM was at its highest level compared with March 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 March 2017 Selling Price vs List Price of 85.4% was down from 91.0% last month and down from 88.2% in March of last year.
The number of New Listings in March 2017 was 20, down -35.5% from 31 last month and down -25.9% from 27 in March of last year.
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