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Lake Forest IL Real Estate Market Action Report October 2014

By
Real Estate Agent with Coldwell Banker Residential Brokerage

By Art Wilson, Realtor

 

Lake Forest's September Property sales were 34, up 3.0% from 33 in September of 2013 and -12.8% lower than the 39 sales last month. September 2014 sales were at their highest level compared to September of 2013 and 2012. September YTD sales of 261 are running -19.2% behind last year's year-to-date sales of 323.

 The Median Sales Price in September was $740,000, equal to $740,000 in September of 2013 and down -2.6% from $760,000 last month. The Average Sales Price in September was $833,765, down -1.4% from $845,627 in September of 2013 and down -2.4% from $854,361 last month. September 2014 ASP was at a mid range compared to September of 2013 and 2012.

The Total Inventory of Properties available for sale as of September was 255, down -3.8% from 265 last month and up 5.4% from 242 in September of last year. September 2014 Inventory was at a mid range compared to September of 2013 and 2012.

The September 2014 Months Supply of Inventory of 7.5 months was at a mid range compared with September 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 September was 89, up 85.4% from 48 days last month and up 29.0% from 69 days in September of last year. The September 2014 DOM was at a mid range compared with September 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 September 2014 Selling Price vs List Price of 94.1% was down from 94.4% last month and down from 94.6% in September of last year.

The number of New Listings in September 2014 was 55, up 34.1% from 41 last month and up 17.0% from 47 in September of last year.

Posted by

Art Wilson, Broker, ABR, CRP, CRS
Coldwell Banker Residential Brokerage        
552 Lincoln Ave.Winnetka, IL 60093              

Cell: 847-363-1599

Serving Chicago's North Shore Suburbs

Art.Wilson@cbexchange.com 
www.NorthShoreHomesOnline.com

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