By Art Wilson, Realtor
Lake Bluff's May Property sales were 21, up 50.0% from 14 in May of 2015 and 16.7% higher than the 18 sales last month. May 2016 sales were at their highest level compared to May of 2015 and 2014. May YTD sales of 65 are running -8.5% behind last year's year-to-date sales of 71.
The Median Sales Price in May was $597,500, up 68.3% from $354,975 in May of 2015 and up 15.1% from $519,000 last month. The Average Sales Price in May was $695,167, up 110.2% from $330,729 in May of 2015 and up 5.8% from $656,883 last month. May 2016 ASP was at highest level compared to May of 2015 and 2014.
The Total Inventory of Properties available for sale as of May was 103, up 12.0% from 92 last month and up 6.2% from 97 in May of last year. May 2016 Inventory was at highest level compared to May of 2015 and 2014.
The May 2016 Months Supply of Inventory of 4.9 months was at a mid range compared with May 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 May was 102, down -11.3% from 115 days last month and up 240.0% from 30 days in May of last year. The May 2016 DOM was at its highest level compared with May 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 May 2016 Selling Price vs List Price of 94.4% was down from 95.6% last month and down from 96.2% in May of last year.
The number of New Listings in May 2016 was 40, up 17.6% from 34 last month and up 29.0% from 31 in May of last year.