By Art Wilson, Realtor
Wilmette’s May Property sales were 58, equal to 58 in May of 2016 and 13.7% higher than the 51 sales last month. May 2017 sales were at a mid level compared to May of 2016 and 2015. May YTD sales of 195 are running 1.0% ahead of last year's year-to-date sales of 193.
The Median Sales Price in May was $628,750, down -6.8% from $674,750 in May of 2016 and down -3.4% from $651,000 last month. The Average Sales Price in May was $712,465, down -7.9% from $773,589 in May of 2016 and up 0.6% from $708,038 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 215, equal to 215 last month and down -7.3% from 232 in May of last year. May 2017 Inventory was at the lowest level compared to May of 2016 and 2015.
The May 2017 Month’s Supply of Inventory of 3.7 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 48, down -36.8% from 76 days last month and up 37.1% from 35 days in May of last year. The May 2017 DOM was at its highest 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 93.0% was down from 93.9% last month and down from 95.8% in May of last year.
The number of New Listings in May 2017 was 90, down -4.3% from 94 last month and down -10.9% from 101 in May of last year.