By Art Wilson, Realtor
Lake Forest's October Property sales were 23, down -32.4% from 34 in October of 2014 and 4.5% higher than the 22 sales last month. October 2015 sales were at their lowest level compared to October of 2014 and 2013. October YTD sales of 277 are running -6.1% behind last year's year-to-date sales of 295.
The Median Sales Price in October was $752,500, down -1.5% from $763,750 in October of 2014 and down -10.1% from $837,500 last month. The Average Sales Price in October was $1,013,702, up 2.7% from $986,637 in October of 2014 and up 0.3% from $1,010,227 last month. October 2015 ASP was at highest level compared to October of 2014 and 2013.
The Total Inventory of Properties available for sale as of October was 329, up 0.9% from 326 last month and up 32.1% from 249 in October of last year. October 2015 Inventory was at highest level compared to October of 2014 and 2013.
The October 2015 Months Supply of Inventory of 14.3 months was at its highest level compared with October 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 October was 85, down -2.3% from 87 days last month and down -24.8% from 113 days in October of last year. The October 2015 DOM was at its lowest level compared with October 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 October 2015 Selling Price vs List Price of 91.7% was down from 93.8% last month and down from 92.7% in October of last year.
The number of New Listings in October 2015 was 57, down -14.9% from 67 last month and up 54.1% from 37 in October of last year.
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