Lake Forest IL Real Estate Market Action Report January 2016

By
Real Estate Agent with Coldwell Banker Residential Brokerage

By Art Wilson, Realtor

Lake Forest's December Property sales were 16, down -11.1% from 18 in December of 2014 and -5.9% lower than the 17 sales last month. December 2015 sales were at their lowest level compared to December of 2014 and 2013. December YTD sales of 310 are running -7.7% behind last year's year-to-date sales of 336.

The Median Sales Price in December was $1,007,500, up 44.1% from $699,000 in December of 2014 and up 2.8% from $980,000 last month. The Average Sales Price in December was $1,302,672, up 72.0% from $757,431 in December of 2014 and up 23.4% from $1,055,548 last month. December 2015 ASP was at highest level compared to December of 2014 and 2013.

The Total Inventory of Properties available for sale as of December was 260, down -17.7% from 316 last month and up 29.4% from 201 in December of last year. December 2015 Inventory was at highest level compared to December of 2014 and 2013.

The December 2015 Months Supply of Inventory of 16.3 months was at its highest level compared with December 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 December was 91, up 37.9% from 66 days last month and down -33.6% from 137 days in December of last year. The December 2015 DOM was at its lowest level compared with December 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 December 2015 Selling Price vs List Price of 93.0% was down from 94.0% last month and down from 93.6% in December of last year.

The number of New Listings in December 2015 was 17, down -43.3% from 30 last month and up 6.3% from 16 in December 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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