By Art Wilson, Realtor
Northbrook's May Property sales were 53, down -1.9% from 54 in May of 2014 and -1.9% lower than the 54 sales last month. May 2015 sales were at their lowest level compared to May of 2014 and 2013. May YTD sales of 240 are running 12.1% ahead of last year's year-to-date sales of 214.
The Median Sales Price in May was $415,000, down -14.6% from $486,000 in May of 2014 and down -9.6% from $459,000 last month. The Average Sales Price in May was $493,565, down -0.1% from $493,836 in May of 2014 and down -4.1% from $514,721 last month. May 2015 ASP was at a mid-range compared to May of 2014 and 2013.
The Total Inventory of Properties available for sale as of May was 258, equal to 258 last month and up 0.8% from 256 in May of last year. May 2015 Inventory was at highest level compared to May of 2014 and 2013.
The May 2015 Months Supply of Inventory of 4.9 months was at its highest level compared with May 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 May was 60, down -20.0% from 75 days last month and up 53.8% from 39 days in May of last year. The May 2015 DOM was at a mid-range compared with May 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 May 2015 Selling Price vs List Price of 96.9% was down from 97.8% last month and up from 95.8% in May of last year.
The number of New Listings in May 2015 was 140, up 6.1% from 132 last month and down -2.1% from 143 in May of last year.
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