By Art Wilson, Realtor
Highland Park’s July Property sales were 59, up 20.4% from 49 in July of 2016 and -23.4% lower than the 77 sales last month. July 2017 sales were at a mid level compared to July of 2016 and 2015. July YTD sales of 344 are running 13.9% ahead of last year's year-to-date sales of 302.
The Median Sales Price in July was $475,000, down -12.8% from $545,000 in July of 2016 and down -9.5% from $525,000 last month. The Average Sales Price in July was $521,360, down -12.2% from $593,515 in July of 2016 and down -21.5% from $664,042 last month. July 2017 ASP was at the lowest level compared to July of 2016 and 2015.
The Total Inventory of Properties available for sale as of July was 364, down -1.9% from 371 last month and up 3.1% from 353 in July of last year. July 2017 Inventory was at highest level compared to July of 2016 and 2015.
The July 2017 Month’s Supply of Inventory of 6.2 months was at a mid range compared with July 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 July was 58, down -22.7% from 75 days last month and up 18.4% from 49 days in July of last year. The July 2017 DOM was at its highest level compared with July 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 July 2017 Selling Price vs List Price of 93.7% was up from 91.8% last month and down from 94.0% in July of last year.
The number of New Listings in July 2017 was 86, down -12.2% from 98 last month and up 4.9% from 82 in July of last year.