By Art Wilson, Realtor
Lincolnshire’s July Property sales were 15, down -28.6% from 21 in July of 2016 and -31.8% lower than the 22 sales last month. July 2017 sales were at their lowest level compared to July of 2016 and 2015. July YTD sales of 103 are running 28.8% ahead of last year's year-to-date sales of 80.
The Median Sales Price in July was $480,000, down -0.6% from $483,000 in July of 2016 and down -2.7% from $493,283 last month. The Average Sales Price in July was $553,653, down -0.4% from $555,690 in July of 2016 and up 6.4% from $520,225 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 79, down -4.8% from 83 last month and up 9.7% from 72 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 5.3 months was at its highest 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 64, down -16.9% from 77 days last month and up 60.0% from 40 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 92.0% was down from 92.3% last month and down from 93.7% in July of last year.
The number of New Listings in July 2017 was 28, down -34.9% from 43 last month and up 47.4% from 19 in July of last year.