By Art Wilson, Realtor
Wilmette's August Property sales were 52, down -11.9% from 59 in August of 2012 and -14.8% lower than the 61 sales last month. August 2013 sales were at a mid level compared to August of 2012 and 2011. August YTD sales of 336 are running 7.7% ahead of last year's year-to-date sales of 312.
The Median Sales Price in August was $611,500, down -3.7% from $635,000 in August of 2012 and up 11.2% from $550,000 last month. The Average Sales Price in August was $659,959, down -3.8% from $686,178 in August of 2012 and up 8.9% from $606,196 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 138, down -16.4% from 165 last month and down -12.7% from 158 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 2.7 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 44, down -15.4% from 52 days last month and down -21.4% from 56 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 96.9% was up from 95.3% last month and up from 94.6% in August of last year.
The number of New Listings in August 2013 was 50, down -25.4% from 67 last month and down -9.1% from 55 in August of last year.