By Art Wilson, Realtor
Lake Forest's August Property sales were 34, down -12.8% from 39 in August of 2014 and -12.8% lower than the 39 sales last month. August 2015 sales were at their lowest level compared to August of 2014 and 2013. August YTD sales of 232 are running 2.2% ahead of last year's year-to-date sales of 227.
The Median Sales Price in August was $787,500, up 3.6% from $760,000 in August of 2014 and up 8.6% from $725,000 last month. The Average Sales Price in August was $924,132, up 8.2% from $854,361 in August of 2014 and up 10.9% from $832,983 last month. August 2015 ASP was at highest level compared to August of 2014 and 2013.
The Total Inventory of Properties available for sale as of August was 315, down -3.7% from 327 last month and up 16.7% from 270 in August of last year. August 2015 Inventory was at highest level compared to August of 2014 and 2013.
The August 2015 Months Supply of Inventory of 9.3 months was at its highest level compared with August 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 August was 100, up 72.4% from 58 days last month and up 104.1% from 49 days in August of last year. The August 2015 DOM was at its highest level compared with August 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 August 2015 Selling Price vs List Price of 93.3% was down from 94.6% last month and down from 94.4% in August of last year.
The number of New Listings in August 2015 was 46, down -6.1% from 49 last month and up 15.0% from 40 in August of last year.
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