Lake Bluff IL Real Estate Market Action Report March 2016

By
Real Estate Agent with Coldwell Banker Residential Brokerage

By Art Wilson, Realtor

Lake Bluff's February Property sales were 4, down -50.0% from 8 in February of 2015 and -42.9% lower than the 7 sales last month. February 2016 sales were at their lowest level compared to February of 2015 and 2014. February YTD sales of 11 are running -31.3% behind last year's year-to-date sales of 16.

The Median Sales Price in February was $142,000, down -60.0% from $355,000 in February of 2015 and down -74.9% from $565,000 last month. The Average Sales Price in February was $195,250, down -49.2% from $384,563 in February of 2015 and down -70.6% from $663,929 last month. February 2016 ASP was at the lowest level compared to February of 2015 and 2014.

The Total Inventory of Properties available for sale as of February was 74, down -2.6% from 76 last month and down -1.3% from 75 in February of last year. February 2016 Inventory was at a mid range compared to February of 2015 and 2014.

The February 2016 Months Supply of Inventory of 18.5 months was at its highest level 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 119, down -4.8% from 125 days last month and up 1.7% from 117 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 96.6% was up from 95.6% last month and down from 100.7% in February of last year.

The number of New Listings in February 2016 was 32, up 18.5% from 27 last month and up 14.3% from 28 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

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Illinois Lake County Lake Bluff
Groups:
Posts to Localism
Chicagoland and Northern Illinois Real Estate
Illinois Real Estate
City and State
Local Expert
Tags:
lake bluff il
lake bluff il home prices
lake bluff il real estate market conditions
lake bluff il home sales

Spam prevention
Show All Comments
Rainmaker
1,720,075
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

thanks for this very useful information. It is important to keep track of what is going on around the country

Mar 12, 2016 07:22 AM #1
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
399,997

Art Wilson

Realtor - Chicago's North Shore
Contact me now for available homes
*
*
*
*
Spam prevention

Additional Information