By Art Wilson, Realtor
Highland Park's August Property sales were 65, up 20.4% from 54 in August of 2012 and 10.2% higher than the 59 sales last month. August 2013 sales were at their highest level compared to August of 2012 and 2011. August YTD sales of 381 are running 24.1% ahead of last year's year-to-date sales of 307.
The Median Sales Price in August was $480,000, up 3.6% from $463,250 in August of 2012 and up 1.7% from $472,000 last month. The Average Sales Price in August was $544,489, down -2.2% from $556,605 in August of 2012 and down -6.6% from $583,121 last month. August 2013 ASP was at a mid range compared to August of 2012 and 2011.
The Total Inventory of Properties available for sale as of August was 209, down -12.9% from 240 last month and down -32.8% from 311 in August of last year. August 2013 Inventory was at the lowest level compared to August of 2012 and 2011.
The August 2013 Months Supply of Inventory of 3.2 months was at its lowest level compared with August of 2012 and 2011. 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 73, down -27.7% from 101 days last month and down -18.9% from 90 days in August of last year. The August 2013 DOM was at its lowest level compared with August of 2012 and 2011.
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 2013 Selling Price vs List Price of 95.2% was up from 95.0% last month and up from 94.4% in August of last year.
The number of New Listings in August 2013 was 62, down -27.9% from 86 last month and down -6.1% from 66 in August of last year.