Lake Bluff IL Real Estate Market Action Report October 2016

By Art Wilson, Realtor

Lake Bluff's September Property sales were 14, up 7.7% from 13 in September of 2015 and -39.1% lower than the 23 sales last month. September 2016 sales were at a mid level compared to September of 2015 and 2014. September YTD sales of 143 are running -5.9% behind last year's year-to-date sales of 152.

The Median Sales Price in September was $230,500, down -41.4% from $393,500 in September of 2015 and down -49.3% from $455,000 last month. The Average Sales Price in September was $327,850, down -18.7% from $403,308 in September of 2015 and down -55.7% from $740,296 last month. September 2016 ASP was at the lowest level compared to September of 2015 and 2014.

The Total Inventory of Properties available for sale as of September was 96, up 6.7% from 90 last month and down -2.0% from 98 in September of last year. September 2016 Inventory was at a mid range compared to September of 2015 and 2014.

The September 2016 Months Supply of Inventory of 6.9 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 43, down -23.2% from 56 days last month and down -8.5% from 47 days in September of last year. The September 2016 DOM was at its lowest 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 95.8% was equal to 95.8% last month and up from 93.1% in September of last year.

The number of New Listings in September 2016 was 34, up 70.0% from 20 last month and up 30.8% from 26 in September of last year.