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.
