By Art Wilson, Realtor
Lake Forest's August Property sales were 39, down -23.5% from 51 in August of 2013 and 39.3% higher than the 28 sales last month. August 2014 sales were at a mid level compared to August of 2013 and 2012. August YTD sales of 227 are running -21.7% behind last year's year-to-date sales of 290.
The Median Sales Price in August was $760,000, down -1.9% from $775,000 in August of 2013 and down -3.8% from $790,000 last month. The Average Sales Price in August was $854,361, down -6.8% from $916,549 in August of 2013 and up 2.5% from $833,714 last month. August 2014 ASP was at the lowest level compared to August of 2013 and 2012.
The Total Inventory of Properties available for sale as of August was 260, down -6.8% from 279 last month and up 8.3% from 240 in August of last year. August 2014 Inventory was at a mid range compared to August of 2013 and 2012.
The August 2014 Month Supply of Inventory of 6.7 months was at a mid range 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 48, down -14.3% from 56 days last month and down -17.2% from 58 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 94.4% was up from 94.2% last month and up from 94.3% in August of last year.
The number of New Listings in August 2014 was 41, down -34.9% from 63 last month and down -33.9% from 62 in August of last year.