By Art Wilson, Realtor
Northbrook's August Property sales were 72, down -14.3% from 84 in August of 2012 and 2.9% higher than the 70 sales last month. August 2013 sales were at a mid level compared to August of 2012 and 2011. August YTD sales of 460 are running 13.0% ahead of last year's year-to-date sales of 407.
The Median Sales Price in August was $455,750, up 7.6% from $423,750 in August of 2012 and up 16.3% from $392,000 last month. The Average Sales Price in August was $488,804, up 13.9% from $429,015 in August of 2012 and up 10.6% from $441,759 last month. August 2013 ASP was at highest level compared to August of 2012 and 2011.
The Total Inventory of Properties available for sale as of August was 182, down -11.7% from 206 last month and down -35.5% from 282 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 2.5 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 37, up 5.7% from 35 days last month and down -54.9% from 82 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 reveals 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 97.4% was down from 99.0% last month and up from 95.4% in August of last year.
The number of New Listings in August 2013 was 84, down -32.8% from 125 last month and up 21.7% from 69 in August of last year.