By Art Wilson, Realtor
Highland Park's July Property sales were 47, down -24.2% from 62 in July of 2015 and -25.4% lower than the 63 sales last month. July 2016 sales were at their lowest level compared to July of 2015 and 2014. July YTD sales of 300 are running equal to last year's year-to-date sales of 300.
The Median Sales Price in July was $545,000, up 0.5% from $542,500 in July of 2015 and up 9.2% from $499,000 last month. The Average Sales Price in July was $601,005, up 1.3% from $593,408 in July of 2015 and up 1.0% from $594,815 last month. July 2016 ASP was at highest level compared to July of 2015 and 2014.
The Total Inventory of Properties available for sale as of July was 337, down -4.8% from 354 last month and up 4.7% from 322 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 7.2 months was at its highest 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 51, down -26.1% from 69 days last month and down -7.3% from 55 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 95.7% was up from 95.0% last month and up from 94.2% in July of last year.
The number of New Listings in July 2016 was 82, down -25.5% from 110 last month and down -18.8% from 101 in July of last year.