By Art Wilson, Realtor
Lake Forest's August Property sales were 33, down -2.9% from 34 in August of 2015 and 13.8% higher than the 29 sales last month. August 2016 sales were at their lowest level compared to August of 2015 and 2014. August YTD sales of 219 are running -5.6% behind last year's year-to-date sales of 232.
The Median Sales Price in August was $1,017,000, up 29.1% from $787,500 in August of 2015 and up 33.8% from $760,000 last month. The Average Sales Price in August was $1,117,587, up 20.9% from $924,132 in August of 2015 and up 13.5% from $985,027 last month. August 2016 ASP was at highest level compared to August of 2015 and 2014.
The Total Inventory of Properties available for sale as of August was 374, up 0.5% from 372 last month and up 14.0% from 328 in August of last year. August 2016 Inventory was at highest level compared to August of 2015 and 2014.
The August 2016 Months Supply of Inventory of 11.3 months was at its highest level compared with August 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 August was 99, down -8.3% from 108 days last month and down -1.0% from 100 days in August of last year. The August 2016 DOM was at a mid range compared with August 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 August 2016 Selling Price vs List Price of 93.7% was down from 94.3% last month and up from 93.3% in August of last year.
The number of New Listings in August 2016 was 62, down -6.1% from 66 last month and up 26.5% from 49 in August of last year.