By Art Wilson, Realtor
Lake Bluff’s August Property sales were 20, down -13.0% from 23 in August of 2016 and -4.8% lower than the 21 sales last month. August 2017 sales were at a mid level compared to August of 2016 and 2015. August YTD sales of 130 are running 0.8% ahead of last year's year-to-date sales of 129.
The Median Sales Price in August was $412,000, down -9.5% from $455,000 in August of 2016 and down -4.2% from $429,900 last month. The Average Sales Price in August was $480,295, down -35.1% from $740,296 in August of 2016 and down -11.5% from $542,986 last month. August 2017 ASP was at the lowest level compared to August of 2016 and 2015.
The Total Inventory of Properties available for sale as of August was 74, down -2.6% from 76 last month and down -21.3% from 94 in August of last year. August 2017 Inventory was at the lowest level compared to August of 2016 and 2015.
The August 2017 Month’s Supply of Inventory of 3.7 months was at its lowest level compared with August 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 August was 22, down -75.3% from 89 days last month and down -60.7% from 56 days in August of last year. The August 2017 DOM was at its lowest level compared with August 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 August 2017 Selling Price vs List Price of 95.1% was up from 91.3% last month and up from 92.2% in August of last year.
The number of New Listings in August 2017 was 21, down -8.7% from 23 last month and equal to 21 in August of last year.
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