Lake Forest IL Real Estate Market Action Report July 2015

By
Real Estate Agent with Coldwell Banker Residential Brokerage

 

 

By Art Wilson, Realtor

 

Lake Forest's June Property sales were 48, up 2.1% from 47 in June of 2014 and 71.4% higher than the 28 sales last month. June 2015 sales were at a mid level compared to June of 2014 and 2013. June YTD sales of 158 are running -1.3% behind last year's year-to-date sales of 160.

 The Median Sales Price in June was $815,000, up 24.4% from $655,000 in June of 2014 and up 14.0% from $715,000 last month. The Average Sales Price in June was $1,038,618, up 25.1% from $830,305 in June of 2014 and up 14.5% from $907,296 last month. June 2015 ASP was at highest level compared to June of 2014 and 2013.

The Total Inventory of Properties available for sale as of June was 329, up 4.4% from 315 last month and up 20.5% from 273 in June of last year. June 2015 Inventory was at highest level compared to June of 2014 and 2013.

The June 2015 Months Supply of Inventory of 6.9 months was at its highest level compared with June 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 June was 89, down -4.3% from 93 days last month and up 12.7% from 79 days in June of last year. The June 2015 DOM was at a mid range compared with June 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 June 2015 Selling Price vs List Price of 94.9% was up from 94.3% last month and up from 94.8% in June of last year.

The number of New Listings in June 2015 was 79, down -7.1% from 85 last month and down -11.2% from 89 in June 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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