By Art Wilson, Realtor
Lake Forest’s July Property sales were 49, up 69.0% from 29 in July of 2016 and 6.5% higher than the 46 sales last month. July 2017 sales were at their highest level compared to July of 2016 and 2015. July YTD sales of 201 are running 8.1% ahead of last year's year-to-date sales of 186.
The Median Sales Price in July was $780,000, up 2.6% from $760,000 in July of 2016 and down -3.1% from $804,750 last month. The Average Sales Price in July was $905,842, down -8.0% from $985,027 in July of 2016 and down -3.8% from $941,378 last month. July 2017 ASP was at a mid range compared to July of 2016 and 2015.
The Total Inventory of Properties available for sale as of July was 347, down -4.9% from 365 last month and down -8.9% from 381 in July of last year. July 2017 Inventory was at a mid range compared to July of 2016 and 2015.
The July 2017 Month’s Supply of Inventory of 7.1 months was at its lowest level 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 118, down -8.5% from 129 days last month and up 9.3% from 108 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 89.3% was down from 90.4% last month and down from 90.6% in July of last year.
The number of New Listings in July 2017 was 64, down -24.7% from 85 last month and down -5.9% from 68 in July of last year.