By Art Wilson, Realtor
Lake Bluff's July Property sales were 20, equal to 20 in July of 2015 and -4.8% lower than the 21 sales last month. July 2016 sales were at their lowest level compared to July of 2015 and 2014. July YTD sales of 106 are running -11.7% behind last year's year-to-date sales of 120.
The Median Sales Price in July was $417,500, down -2.9% from $430,000 in July of 2015 and down -20.5% from $525,000 last month. The Average Sales Price in July was $495,366, up 6.7% from $464,364 in July of 2015 and down -9.7% from $548,571 last month. July 2016 ASP was at a mid range compared to July of 2015 and 2014.
The Total Inventory of Properties available for sale as of July was 100, down -2.9% from 103 last month and down -3.8% from 104 in July of last year. July 2016 Inventory was at a mid range compared to July of 2015 and 2014.
The July 2016 Months Supply of Inventory of 5.0 months was at a mid range 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 37, down -48.6% from 72 days last month and down -31.5% from 54 days in July of last year. The July 2016 DOM was at its lowest level 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 95.4% was down from 95.8% last month and down from 97.0% in July of last year.
The number of New Listings in July 2016 was 25, down -37.5% from 40 last month and down -19.4% from 31 in July of last year.