By Art Wilson,
Wilmette's December Property sales were 21, down -30.0% from 30 in December of 2015 and -19.2% lower than the 26 sales last month. December 2016 sales were at their lowest level compared to December of 2015 and 2014. December YTD sales of 485 are running 8.3% ahead of last year's year-to-date sales of 448.
The Median Sales Price in December was $735,000, up 6.9% from $687,500 in December of 2015 and up 3.0% from $713,750 last month. The Average Sales Price in December was $652,595, down -17.2% from $787,683 in December of 2015 and down -20.1% from $816,303 last month. December 2016 ASP was at the lowest level compared to December of 2015 and 2014.
The Total Inventory of Properties available for sale as of December was 146, down -14.1% from 170 last month and up 9.0% from 134 in December of last year. December 2016 Inventory was at highest level compared to December of 2015 and 2014.
The December 2016 Month’s Supply of Inventory of 7.0 months was at its highest level compared with December 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 December was 76, up 1.3% from 75 days last month and down -26.2% from 103 days in December of last year. The December 2016 DOM was at a mid range compared with December 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 December 2016 Selling Price vs List Price of 94.2% was down from 95.6% last month and down from 94.5% in December of last year.
The number of New Listings in December 2016 was 25, down -35.9% from 39 last month and up 25.0% from 20 in December of last year.