By Art Wilson, Realtor
Wilmette's August Property sales were 45, down -22.4% from 58 in August of 2013 and -38.4% lower than the 73 sales last month. August 2014 sales were at their lowest level compared to August of 2013 and 2012. August YTD sales of 356 are running 4.1% ahead of last year's year-to-date sales of 342.
The Median Sales Price in August was $710,000, up 23.8% from $573,438 in August of 2013 and up 3.6% from $685,000 last month. The Average Sales Price in August was $824,767, up 28.8% from $640,136 in August of 2013 and up 1.1% from $815,691 last month. August 2014 ASP was at highest level compared to August of 2013 and 2012.
The Total Inventory of Properties available for sale as of August was 146, up 1.4% from 144 last month and down -0.7% from 147 in August of last year. August 2014 Inventory was at the lowest level compared to August of 2013 and 2012.
The August 2014 Months Supply of Inventory of 3.2 months was at its highest level compared with August 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 August was 20, down -48.7% from 39 days last month and down -51.2% from 41 days in August of last year. The August 2014 DOM was at its lowest level compared with August 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 August 2014 Selling Price vs List Price of 96.9% was down from 97.0% last month and up from 96.7% in August of last year.
The number of New Listings in August 2014 was 57, down -9.5% from 63 last month and up 7.5% from 53 in August of last year.