By Art Wilson, Realtor
Lake Forest's February Property sales were 12, down -40.0% from 20 in February of 2014 and -47.8% lower than the 23 sales last month. February 2015 sales were at their lowest level compared to February of 2014 and 2013. February YTD sales of 35 are running -18.6% behind last year's year-to-date sales of 43.
The Median Sales Price in February was $755,000, up 19.8% from $630,225 in February of 2014 and up 37.9% from $547,500 last month. The Average Sales Price in February was $745,391, up 12.9% from $660,466 in February of 2014 and up 14.3% from $652,079 last month. February 2015 ASP was at highest level compared to February of 2014 and 2013.
The Total Inventory of Properties available for sale as of February was 217, up 8.0% from 201 last month and up 16.0% from 187 in February of last year. February 2015 Inventory was at a mid range compared to February of 2014 and 2013.
The February 2015 Months Supply of Inventory of 18.1 months was at its highest level compared with February of 2014 and 2013. 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 February was 86, down -3.4% from 89 days last month and down -8.5% from 94 days in February of last year. The February 2015 DOM was at its lowest level compared with February of 2014 and 2013.
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 February 2015 Selling Price vs List Price of 93.9% was down from 94.1% last month and down from 94.8% in February of last year.
The number of New Listings in February 2015 was 78, up 36.8% from 57 last month and up 81.4% from 43 in February of last year.
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