By Art Wilson, Realtor
Glencoe's August Property sales were 13, down -27.8% from 18 in August of 2013 and -7.1% lower than the 14 sales last month. August 2014 sales were at their lowest level compared to August of 2013 and 2012. August YTD sales of 91 are running -20.9% behind last year's year-to-date sales of 115.
The Median Sales Price in August was $970,000, up 13.1% from $857,500 in August of 2013 and up 10.5% from $877,500 last month. The Average Sales Price in August was $1,405,385, up 43.6% from $978,972 in August of 2013 and up 26.0% from $1,115,482 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 87, up 1.2% from 86 last month and up 7.4% from 81 in August of last year. August 2014 Inventory was at a mid range compared to August of 2013 and 2012.
The August 2014 Months Supply of Inventory of 6.7 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 63, down -3.1% from 65 days last month and down -4.5% from 66 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 95.6% was up from 93.8% last month and down from 96.0% in August of last year.
The number of New Listings in August 2014 was 21, down -8.7% from 23 last month and down -4.5% from 22 in August of last year.