Lake Forest IL Real Estate Market Action Report December 2016

By
Real Estate Agent with Coldwell Banker Residential Brokerage

By Art Wilson, Realtor

Lake Forest's November Property sales were 28, up 64.7% from 17 in November of 2015 and 12.0% higher than the 25 sales last month. November 2016 sales were at their highest level compared to November of 2015 and 2014. November YTD sales of 301 are running 2.4% ahead of last year's year-to-date sales of 294.

The Median Sales Price in November was $682,500, down -30.4% from $980,000 in November of 2015 and down -1.8% from $695,000 last month. The Average Sales Price in November was $849,802, down -19.5% from $1,055,548 in November of 2015 and down -9.4% from $937,828 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 312, down -11.9% from 354 last month and down -3.4% from 323 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 11.1 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 93, up 13.4% from 82 days last month and up 40.9% from 66 days in November of last year. The November 2016 DOM was at a mid range 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 92.4% was down from 93.0% last month and down from 94.0% in November of last year.

The number of New Listings in November 2016 was 26, down -53.6% from 56 last month and down -13.3% from 30 in November 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

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