By Art Wilson, Realtor
Northbrook's July Property sales were 90, up 36.4% from 66 in July of 2015 and equal to 0.0% 90 sales last month. July 2016 sales were at their highest level compared to July of 2015 and 2014. July YTD sales of 442 are running 10.8% ahead of last year's year-to-date sales of 399.
The Median Sales Price in July was $439,000, down -1.3% from $445,000 in July of 2015 and down -9.9% from $487,500 last month. The Average Sales Price in July was $460,250, down -7.2% from $496,052 in July of 2015 and down -17.1% from $555,499 last month. July 2016 ASP was at the lowest level compared to July of 2015 and 2014.
The Total Inventory of Properties available for sale as of July was 319, up 5.6% from 302 last month and up 0.6% from 317 in July of last year. July 2016 Inventory was at highest level compared to July of 2015 and 2014.
The July 2016 Months Supply of Inventory of 3.5 months was at its lowest level compared with July 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 July was 36, down -23.4% from 47 days last month and down -20.0% from 45 days in July of last year. The July 2016 DOM was at a mid range compared with July 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 July 2016 Selling Price vs List Price of 96.2% was down from 97.5% last month and up from 96.1% in July of last year.
The number of New Listings in July 2016 was 147, up 5.0% from 140 last month and up 8.9% from 135 in July of last year.
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