By Art Wilson, Realtor
Lake Forest's December Property sales were 24, up 41.2% from 17 in December of 2015 and -14.3% lower than the 28 sales last month. December 2016 sales were at their highest level compared to December of 2015 and 2014. December YTD sales of 325 are running 4.5% ahead of last year's year-to-date sales of 311.
The Median Sales Price in December was $737,500, down -30.8% from $1,065,000 in December of 2015 and up 8.1% from $682,500 last month. The Average Sales Price in December was $871,152, down -33.0% from $1,299,574 in December of 2015 and up 2.5% from $849,802 last month. December 2016 ASP was at a mid range compared to December of 2015 and 2014.
The Total Inventory of Properties available for sale as of December was 268, down -16.0% from 319 last month and down -1.1% from 271 in December of last year. December 2016 Inventory was at a mid range compared to December of 2015 and 2014.
The December 2016 Month's Supply of Inventory of 11.2 months was at its lowest 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 145, up 55.9% from 93 days last month and up 51.0% from 96 days in December of last year. The December 2016 DOM was at its highest level 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 94.1% was up from 92.4% last month and up from 92.5% in December of last year.
The number of New Listings in December 2016 was 17, down -34.6% from 26 last month and up 6.3% from 16 in December of last year.