By Art Wilson, Realtor
Lake Forest’s May Property sales were 42, up 23.5% from 34 in May of 2016 and 82.6% higher than the 23 sales last month. May 2017 sales were at their highest level compared to May of 2016 and 2015. May YTD sales of 106 are running -2.8% behind last year's year-to-date sales of 109.
The Median Sales Price in May was $799,750, up 12.2% from $712,625 in May of 2016 and down -7.0% from $860,000 last month. The Average Sales Price in May was $920,963, up 17.7% from $782,522 in May of 2016 and down -19.7% from $1,146,223 last month. May 2017 ASP was at highest level compared to May of 2016 and 2015.
The Total Inventory of Properties available for sale as of May was 356, equal to 356 last month and down -7.8% from 386 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 8.5 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 108, down -4.4% from 113 days last month and down -6.1% from 115 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 89.8% was down from 91.3% last month and up from 89.6% in May of last year.
The number of New Listings in May 2017 was 88, down -3.3% from 91 last month and down -24.1% from 116 in May of last year.