By Art Wilson, Realtor
Northbrook's November Property sales were 52, down -3.7% from 54 in November of 2015 and 2.0% higher than the 51 sales last month. November 2016 sales were at a mid level compared to November of 2015 and 2014. November YTD sales of 674 are running 1.7% ahead of last year's year-to-date sales of 663.
The Median Sales Price in November was $386,000, down -20.4% from $485,000 in November of 2015 and down -25.8% from $520,000 last month. The Average Sales Price in November was $477,595, down -0.8% from $481,351 in November of 2015 and down -7.3% from $515,331 last month. November 2016 ASP was at a mid range compared to November of 2015 and 2014.
The Total Inventory of Properties available for sale as of November was 271, down -15.0% from 319 last month and up 3.4% from 262 in November of last year. November 2016 Inventory was at highest level compared to November of 2015 and 2014.
The November 2016 Month’s Supply of Inventory of 5.2 months was at its highest level 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 53, down -23.2% from 69 days last month and up 43.2% from 37 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 95.1% was down from 95.2% last month and down from 95.2% in November of last year.
The number of New Listings in November 2016 was 59, down -41.0% from 100 last month and down -21.3% from 75 in November of last year.
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