By Art Wilson, Realtor
Highland Park’s June Property sales were 75, up 19.0% from 63 in June of 2016 and 27.1% higher than the 59 sales last month. June 2017 sales were at their highest level compared to June of 2016 and 2015. June YTD sales of 283 are running 11.9% ahead of last year's year-to-date sales of 253.
The Median Sales Price in June was $536,500, up 7.5% from $499,000 in June of 2016 and up 7.3% from $500,000 last month. The Average Sales Price in June was $671,950, up 12.9% from $595,037 in June of 2016 and up 18.9% from $565,137 last month. June 2017 ASP was at highest level compared to June of 2016 and 2015.
The Total Inventory of Properties available for sale as of June was 363, down -1.4% from 368 last month and down -0.3% from 364 in June of last year. June 2017 Inventory was at a mid range compared to June of 2016 and 2015.
The June 2017 Months Supply of Inventory of 4.8 months was at its lowest level compared with June 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 June was 75, up 10.3% from 68 days last month and up 7.1% from 70 days in June of last year. The June 2017 DOM was at its highest level compared with June 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 June 2017 Selling Price vs List Price of 92.1% was down from 93.3% last month and up from 92.0% in June of last year.
The number of New Listings in June 2017 was 98, down -29.5% from 139 last month and down -10.1% from 109 in June of last year.