By Art Wilson, Realtor
Northbrook’s July Property sales were 72, down -22.6% from 93 in July of 2016 and -28.0% lower than the 100 sales last month. July 2017 sales were at a mid level compared to July of 2016 and 2015. July YTD sales of 466 are running 4.7% ahead of last year's year-to-date sales of 445.
The Median Sales Price in July was $441,250, up 0.3% from $440,000 in July of 2016 and down -13.3% from $508,800 last month. The Average Sales Price in July was $496,511, up 6.6% from $465,903 in July of 2016 and down -11.8% from $563,240 last month. July 2017 ASP was at highest level compared to July of 2016 and 2015.
The Total Inventory of Properties available for sale as of July was 342, down -8.6% from 374 last month and up 0.6% from 340 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 4.8 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 43, up 22.9% from 35 days last month and up 19.4% from 36 days in July of last year. The July 2017 DOM was at a mid range 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 94.8% was up from 94.5% last month and up from 94.5% in July of last year.
The number of New Listings in July 2017 was 139, down -26.8% from 190 last month and down -6.7% from 149 in July of last year.