By Art Wilson, Realtor
Lake Bluff's March Property sales were 15, down -31.8% from 22 in March of 2015 and 275.0% higher than the 4 sales last month. March 2016 sales were at a mid level compared to March of 2015 and 2014. March YTD sales of 26 are running -31.6% behind last year's year-to-date sales of 38.
The Median Sales Price in March was $400,000, down -18.7% from $492,000 in March of 2015 and up 181.7% from $142,000 last month. The Average Sales Price in March was $461,217, down -2.0% from $470,416 in March of 2015 and up 136.2% from $195,250 last month. March 2016 ASP was at the lowest level compared to March of 2015 and 2014.
The Total Inventory of Properties available for sale as of March was 83, up 6.4% from 78 last month and up 6.4% from 78 in March of last year. March 2016 Inventory was at highest level compared to March of 2015 and 2014.
The March 2016 Months Supply of Inventory of 5.5 months was at a mid range compared with March 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 March was 119, equal to 119 days last month and up 65.3% from 72 days in March of last year. The March 2016 DOM was at its highest level compared with March 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 March 2016 Selling Price vs List Price of 94.6% was down from 96.6% last month and down from 95.3% in March of last year.
The number of New Listings in March 2016 was 26, down -18.8% from 32 last month and down -21.2% from 33 in March of last year.