By Art Wilson, Realtor
Glencoe's November Property sales were 9, down -10.0% from 10 in November of 2015 and 28.6% higher than the 7 sales last month. November 2016 sales were at a mid level compared to November of 2015 and 2014. November YTD sales of 137 are running 22.3% ahead of last year's year-to-date sales of 112.
The Median Sales Price in November was $835,000, down -2.6% from $857,000 in November of 2015 and up 8.4% from $770,000 last month. The Average Sales Price in November was $820,000, down -10.8% from $919,227 in November of 2015 and down -5.8% from $870,929 last month. November 2016 ASP was at the lowest level compared to November of 2015 and 2014.
The Total Inventory of Properties available for sale as of November was 77, down -14.4% from 90 last month and down -6.1% from 82 in November of last year. November 2016 Inventory was at a mid range compared to November of 2015 and 2014.
The November 2016 Month’s Supply of Inventory of 8.6 months was at a mid range compared with November 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 November was 146, up 175.5% from 53 days last month and up 105.6% from 71 days in November of last year. The November 2016 DOM was at its highest level compared with November 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 November 2016 Selling Price vs List Price of 92.2% was down from 96.0% last month and down from 93.1% in November of last year.
The number of New Listings in November 2016 was 10, down -23.1% from 13 last month and down -9.1% from 11 in November of last year.