By Art Wilson, Realtor
Highland Park's November Property sales were 24, down -11.1% from 27 in November of 2015 and -41.5% lower than the 41 sales last month. November 2016 sales were at their lowest level compared to November of 2015 and 2014. November YTD sales of 459 are running -3.8% behind last year's year-to-date sales of 477.
The Median Sales Price in November was $491,000, up 0.2% from $490,000 in November of 2015 and up 7.8% from $455,500 last month. The Average Sales Price in November was $685,791, up 4.1% from $658,769 in November of 2015 and up 34.5% from $509,693 last month. November 2016 ASP was at highest level compared to November of 2015 and 2014.
The Total Inventory of Properties available for sale as of November was 312, down -7.1% from 336 last month and up 13.9% from 274 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 13.0 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 78, down -3.7% from 81 days last month and down -44.3% from 140 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 92.2% was down from 94.2% last month and down from 94.1% in November of last year.
The number of New Listings in November 2016 was 66, down -9.6% from 73 last month and up 32.0% from 50 in November of last year.