By Art Wilson, Realtor
Lake Forest's July Property sales were 39, up 39.3% from 28 in July of 2014 and -20.4% lower than the 49 sales last month. July 2015 sales were at a mid level compared to July of 2014 and 2013. July YTD sales of 198 are running 5.3% ahead of last year's year-to-date sales of 188.
The Median Sales Price in July was $725,000, down -8.2% from $790,000 in July of 2014 and down -12.1% from $825,000 last month. The Average Sales Price in July was $832,983, down -0.1% from $833,714 in July of 2014 and down -19.5% from $1,034,769 last month. July 2015 ASP was at a mid range compared to July of 2014 and 2013.
The Total Inventory of Properties available for sale as of July was 325, down -2.4% from 333 last month and up 14.8% from 283 in July of last year. July 2015 Inventory was at highest level compared to July of 2014 and 2013.
The July 2015 Months Supply of Inventory of 8.3 months was at a mid range compared with July 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 July was 58, down -37.6% from 93 days last month and up 1.8% from 57 days in July of last year. The July 2015 DOM was at a mid range compared with July 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 July 2015 Selling Price vs List Price of 94.6% was down from 94.9% last month and up from 94.2% in July of last year.
The number of New Listings in July 2015 was 50, down -36.7% from 79 last month and down -20.6% from 63 in July of last year.
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