By Art Wilson, Realtor
Glencoe’s May Property sales were 24, up 33.3% from 18 in May of 2016 and 50.0% higher than the 16 sales last month. May 2017 sales were at their highest level compared to May of 2016 and 2015. May YTD sales of 61 are running 27.1% ahead of last year's year-to-date sales of 48.
The Median Sales Price in May was $1,002,960, down -22.1% from $1,287,500 in May of 2016 and up 28.0% from $783,750 last month. The Average Sales Price in May was $1,178,348, down -22.9% from $1,528,556 in May of 2016 and down -6.3% from $1,257,050 last month. May 2017 ASP was at a mid range compared to May of 2016 and 2015.
The Total Inventory of Properties available for sale as of May was 106, down -6.2% from 113 last month and down -13.1% from 122 in May of last year. May 2017 Inventory was at a mid range compared to May of 2016 and 2015.
The May 2017 Month’s Supply of Inventory of 4.4 months was at its lowest level compared with May 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 May was 39, down -52.4% from 82 days last month and down -18.8% from 48 days in May of last year. The May 2017 DOM was at its lowest level compared with May 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 May 2017 Selling Price vs List Price of 94.2% was up from 88.3% last month and up from 92.8% in May of last year.
The number of New Listings in May 2017 was 34, down -29.2% from 48 last month and down -8.1% from 37 in May of last year.