Highland Park IL Real Estate Market Action Report November 2016

By
Real Estate Agent with Coldwell Banker Residential Brokerage

By Art Wilson, Realtor

Highland Park's October Property sales were 41, down -21.2% from 52 in October of 2015 and -6.8% lower than the 44 sales last month. October 2016 sales were at their lowest level compared to October of 2015 and 2014. October YTD sales of 435 are running -3.3% behind last year's year-to-date sales.

The Median Sales Price in October was $455,500, up 4.1% from $437,500 in October of 2015 and down -15.8% from $540,750 last month. The Average Sales Price in October was $509,693, down -7.4% from $550,692 in October of 2015 and down -7.2% from $549,192 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 329, down -9.4% from 363 last month and up 8.2% from 304 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 8.0 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 81, up 30.6% from 62 days last month and up 28.6% from 63 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 94.2% was down from 95.8% last month and up from 94.0% in October of last year.

The number of New Listings in October 2016 was 73, down -32.4% from 108 last month and up 12.3% from 65 in October 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

Comments (1)

Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for taking the time to share this market insight.  This is exactly what buyers and sellers need to make informed market decisions.!  Very professional!

Nov 10, 2016 10:17 PM