By Art Wilson, Realtor
Highland Park's September Property sales were 36, down -23.4% from 47 in September of 2015 and -25.0% lower than the 48 sales last month. September 2016 sales were at their lowest level compared to September of 2015 and 2014. September YTD sales of 386 are running -3.0% behind last year's year-to-date sales of 398.
The Median Sales Price in September was $518,750, down 0.0% from $519,000 in September of 2015 and up 10.8% from $468,000 last month. The Average Sales Price in September was $552,249, down 0.0% from $552,444 in September of 2015 and down -1.6% from $561,253 last month. September 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 354, up 2.0% from 347 last month and up 10.3% from 321 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 9.8 months was at its highest level 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 70, up 22.8% from 57 days last month and down -5.4% from 74 days in September of last year. The September 2016 DOM was at a mid range 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 95.7% was up from 95.6% last month and down from 96.0% in September of last year.
The number of New Listings in September 2016 was 105, up 20.7% from 87 last month and up 50.0% from 70 in September of last