Lake Forest IL Real Estate Market Action Report October 2016

By
Real Estate Agent with Coldwell Banker Residential Brokerage

By Art Wilson, Realtor

Lake Forest's September Property sales were 25, up 13.6% from 22 in September of 2015 and -24.2% lower than the 33 sales last month. September 2016 sales were at a mid level compared to September of 2015 and 2014. September YTD sales of 244 are running -3.9% behind last year's year-to-date sales of 254.

The Median Sales Price in September was $640,000, down -23.6% from $837,500 in September of 2015 and down -37.1% from $1,017,000 last month. The Sales Price in September was $855,615, down -15.3% from $1,010,227 in September of 2015 and down -23.4% from $1,117,587 last month. eptember 2016 ASP was at a mid range compared to September of 2015 and 2014.

The Total Inventory of Properties available for sale as of September was 367, down -2.7% from 377 last month and up 10.2% from 333 in September of last year. September 2016 Inventory was at highest level compared to September of 2015 and 2014.

The September 2016 Months Supply of Inventory of 14.7 months was at a mid range compared with September 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 September was 115, up 16.2% from 99 days last month and up 32.2% from 87 days in September of last year. The September 2016 DOM was at its highest level compared with September 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 September 2016 Selling Price vs List Price of 93.7% was equal to 93.7% last month and down from 93.8% in September of last year.

The number of New Listings in September 2016 was 55, down -12.7% from 63 last month and down -17.9% from 67 in September of last year.

Posted by

Art Wilson, Broker, ABR, CRP, CRS
Coldwell Banker Residential Brokerage        
552 Lincoln Ave.Winnetka, IL 60093              

Cell: 847-363-1599

Serving Chicago's North Shore Suburbs

Art.Wilson@cbexchange.com 
www.NorthShoreHomesOnline.com

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