Lake Forest IL Real Estate Market Action Report February 2016

By
Real Estate Agent with Coldwell Banker Residential Brokerage

By Art Wilson, Realtor

Lake Forest's January Property sales were 17, down -26.1% from 23 in January of 2015 and equal to 0.0% 17 sales last month. January 2016 sales were at their lowest level compared to January of 2015 and 2014. January YTD sales of 17 are running -26.1% behind last year's year-to-date sales of 23.

The Median Sales Price in January was $755,000, up 37.9% from $547,500 in January of 2015 and down -29.1% from $1,065,000 last month. The Average Sales Price in January was $1,058,765, up 62.4% from $652,079 in January of 2015 and down -18.5% from $1,299,574 last month. January 2016 ASP was at a mid range compared to January of 2015 and 2014.

The Total Inventory of Properties available for sale as of January was 273, up 3.8% from 263 last month and up 31.3% from 208 in January of last year. January 2016 Inventory was at highest level compared to January of 2015 and 2014.

The January 2016 Months Supply of Inventory of 16.1 months was at its highest level compared with January of 2015 and 2014. 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 January was 81, down -15.6% from 96 days last month and down -9.0% from 89 days in January of last year. The January 2016 DOM was at its lowest level compared with January of 2015 and 2014.

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 January 2016 Selling Price vs List Price of 94.4% was up from 92.5% last month and up from 94.1% in January of last year.

The number of New Listings in January 2016 was 68, up 325.0% from 16 last month and up 19.3% from 57 in January 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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