Lake Forest IL Real Estate Market Action Report March 2016

By
Real Estate Agent with Coldwell Banker Residential Brokerage

By Art Wilson, Realtor

Lake Forest's February Property sales were 16, up 33.3% from 12 in February of 2015 and -5.9% lower than the 17 sales last month. February 2016 sales were at a mid level compared to February of 2015 and 2014. February YTD sales of 33 are running -5.7% behind last year's year-to-date sales of 35.

The Median Sales Price in February was $527,500, down -30.1% from $755,000 in February of 2015 and down -30.1% from $755,000 last month. The Average Sales Price in February was $698,906, down -6.2% from $745,391 in February of 2015 and down -34.0% from $1,058,765 last month. February 2016 ASP was at a mid range compared to February of 2015 and 2014.

The Total Inventory of Properties available for sale as of February was 305, up 10.5% from 276 last month and up 33.2% from 229 in February of last year. February 2016 Inventory was at highest level compared to February of 2015 and 2014.

The February 2016 Months Supply of Inventory of 19.1 months was at a mid range compared with February 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 February was 152, up 87.7% from 81 days last month and up 76.7% from 86 days in February of last year. The February 2016 DOM was at its highest level compared with February 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 February 2016 Selling Price vs List Price of 91.7% was down from 94.4% last month and down from 93.9% in February of last year.

The number of New Listings in February 2016 was 84, up 23.5% from 68 last month and up 7.7% from 78 in February 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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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
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Art Wilson Thank you for sharing this market news.  This is valuable information for buyers, sellers and prospective clients!  Well done, and very professional!

Mar 13, 2016 01:16 AM #1
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