By Art Wilson, Realtor
Lake Forest's January Property sales were 22, up 46.7% from 15 in January of 2013 and -33.3% lower than the 33 sales last month. January 2014 sales were at their highest level compared to January of 2013 and 2012. January YTD sales of 22 are running 46.7% ahead of last year's year-to-date sales of 15.
The Median Sales Price in January was $1,099,500, up 137.7% from $462,500 in January of 2013 and up 66.6% from $660,000 last month. The Average Sales Price in January was $1,359,513, up 105.8% from $660,700 in January of 2013 and up 56.6% from $867,932 last month. January 2014 ASP was at highest level compared to January of 2013 and 2012.
The Total Inventory of Properties available for sale as of January was 168, up 7.0% from 157 last month and down -16.8% from 202 in January of last year. January 2014 Inventory was at the lowest level compared to January of 2013 and 2012.
The January 2014 Months Supply of Inventory of 7.6 months was at its lowest level compared with January of 2013 and 2012. 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 January was 91, down -1.1% from 92 days last month and down -31.1% from 132 days in January of last year. The January 2014 DOM was at its lowest level compared with January of 2013 and 2012.
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 January 2014 Selling Price vs List Price of 92.9% was down from 93.5% last month and up from 89.4% in January of last year.
The number of New Listings in January 2014 was 53, up 211.8% from 17 last month and up 3.9% from 51 in January of last year.
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