By Art Wilson, Realtor
Wilmette's April Property sales were 46, up 4.5% from 44 in April of 2013 and 43.8% higher than the 32 sales last month. April 2014 sales were at their highest level compared to April of 2013 and 2012. April YTD sales of 122 are running 19.6% ahead of last year's year-to-date sales of 102.
The Median Sales Price in April was $537,500, down -3.9% from $559,500 in April of 2013 and up 4.5% from $514,500 last month. The Average Sales Price in April was $628,773, down -3.3% from $650,401 in April of 2013 and up 1.0% from $622,563 last month. April 2014 ASP was at a mid range compared to April of 2013 and 2012.
The Total Inventory of Properties available for sale as of April was 112, up 21.7% from 92 last month and down -17.0% from 135 in April of last year. April2014 Inventory was at the lowest level compared to April of 2013 and 2012.
The April 2014 Months Supply of Inventory of 2.4 months was at its lowest level compared with April 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 April was 47, down -33.8% from 71 days last month and down -30.9% from 68 days in April of last year. The April 2014 DOM was at its lowest level compared with April 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 April 2014 Selling Price vs List Price of 95.9% was up from 94.2% last month and down from 96.3% in April of last year.
The number of New Listings in April 2014 was 80, up 17.6% from 68 last month and down -1.2% from 81 in April of last year.