By Art Wilson, Realtor
Highland Park's August Property sales were 47, down -7.8% from 51 in August of 2015 and -2.1% lower than the 48 sales last month. August 2016 sales were at their lowest level compared to August of 2015 and 2014. August YTD sales of 348 are running -0.9% behind last year's year-to-date sales of 351.
The Median Sales Price in August was $470,000, up 2.2% from $460,000 in August of 2015 and down -13.2% from $541,250 last month. The Average Sales Price in August was $563,695, up 0.8% from $559,155 in August of 2015 and down -5.0% from $593,401 last month. August 2016 ASP was at a mid range compared to August of 2015 and 2014.
The Total Inventory of Properties available for sale as of August was 342, down -1.2% from 346 last month and up 5.9% from 323 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 7.3 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 58, up 16.0% from 50 days last month and down -1.7% from 59 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 95.5% was down from 95.6% last month and down from 95.8% in August of last year.
The number of New Listings in August 2016 was 87, up 4.8% from 83 last month and down -2.2% from 89 in August of last year.