By Art Wilson, Realtor
Lake Bluff's March Property sales were 21, up 90.9% from 11 in March of 2014 and 162.5% higher than the 8 sales last month. March 2015 sales were at their highest level compared to March of 2014 and 2013. March YTD sales of 37 are running 27.6% ahead of last year's year-to-date sales of 29.
The Median Sales Price in March was $495,000, up 28.6% from $385,000 in March of 2014 and up 39.4% from $355,000 last month. The Average Sales Price in March was $472,817, up 2.4% from $461,841 in March of 2014 and up 22.9% from $384,563 last month. March 2015 ASP was at highest level compared to March of 2014 and 2013.
The Total Inventory of Properties available for sale as of March was 68, down -2.9% from 70 last month and down -10.5% from 76 in March of last year. March 2015 Inventory was at a mid range compared to March of 2014 and 2013.
The March 2015 Months Supply of Inventory of 3.2 months was at its lowest level compared with March 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 March was 73, down -37.6% from 117 days last month and down -33.0% from 109 days in March of last year. The March 2015 DOM was at its lowest level compared with March 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 March 2015 Selling Price vs List Price of 95.0% was down from 100.7% last month and down from 95.8% in March of last year.
The number of New Listings in March 2015 was 33, up 17.9% from 28 last month and up 10.0% from 30 in March of last year.
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