Lake Bluff IL Real Estate Market Action Report November 2016

By Art Wilson, Realtor

Lake Bluff's October Property sales were 13, down -35.0% from 20 in October of 2015 and -7.1% lower than the 14 sales last month. October 2016 sales were at a mid level compared to October of 2015 and 2014. October YTD sales of 156 are running -9.3% behind last year's year-to-date sales of 172.

The Median Sales Price in October was $384,900, down -20.3% from $483,000 in October of 2015 and up 67.0% from $230,500 last month. The Average Sales Price in October was $642,738, down -13.5% from $743,150 in October of 2015 and up 96.0% from $327,850 last month. October 2016 ASP was at a mid range compared to October of 2015 and 2014.

The Total Inventory of Properties available for sale as of October was 88, down -11.1% from 99 last month and down -2.2% from 90 in October of last year. October 2016 Inventory was at a mid range compared to October of 2015 and 2014.

The October 2016 Months Supply of Inventory of 6.8 months was at its highest level 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 89, up 107.0% from 43 days last month and up 67.9% from 53 days in October of last year. The October 2016 DOM was at its highest 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 95.0% was down from 95.8% last month and up from 93.9% in October of last year.

The number of New Listings in October 2016 was 19, down -45.7% from 35 last month and down -13.6% from 22 in October of last year.