By Art Wilson, Realtor
Lake Forest's October Property sales were 25, up 8.7% from 23 in October of 2015 and -13.8% lower than the 29 sales last month. October 2016 sales were at a mid level compared to October of 2015 and 2014. October YTD sales of 273 are running -1.4% behind last year's year-to-date sales of 277.
The Median Sales Price in October was $695,000, down -7.6% from $752,500 in October of 2015 and up 8.6% from $640,000 last month. The Average Sales Price in October was $937,828, down -7.5% from $1,013,702 in October of 2015 and up 5.6% from $888,099 last month. October 2016 ASP was at the lowest level compared to October of 2015 and 2014.
The Total Inventory of Properties available for sale as of October was 354, down -5.9% from 376 last month and up 4.7% from 338 in October of last year. October 2016 Inventory was at highest level compared to October of 2015 and 2014.
The October 2016 Months Supply of Inventory of 14.2 months was at a mid range compared with October 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 October was 82, down -24.8% from 109 days last month and down -3.5% from 85 days in October of last year. The October 2016 DOM was at its lowest level compared with October 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 October 2016 Selling Price vs List Price of 93.0% was down from 93.7% last month and up from 91.7% in October of last year.
The number of New Listings in October 2016 was 56, up 1.8% from 55 last month and down -1.8% from 57 in October of last year.