By Art Wilson, Realtor
Highland Park’s May Property sales were 58, up 23.4% from 47 in May of 2016 and 18.4% higher than the 49 sales last month. May 2017 sales were at a mid level compared to May of 2016 and 2015. May YTD sales of 207 are running 8.9% ahead of last year's year-to-date sales of 190.
The Total Inventory of Properties available for sale as of May was 362, up 1.4% from 357 last month and up 1.4% from 357 in May of last year. May 2017 Inventory was at highest level compared to May of 2016 and 2015.
The May 2017 Month’s Supply of Inventory of 6.2 months was at a mid range 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 69, down -36.1% from 108 days last month and down -6.8% from 74 days in May of last year. The May 2017 DOM was at a mid range 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 93.2% was up from 91.6% last month and up from 92.4% in May of last year.
The number of New Listings in May 2017 was 139, up 3.0% from 135 last month and up 9.4% from 127 in May of last year.