By Art Wilson, Realtor
Highland Park's December Property sales were 37, down -2.6% from 38 in December of 2015 and 48.0% higher than the 25 sales last month. December 2016 sales were at a mid level compared to December of 2015 and 2014. December YTD sales of 497 are running -3.5% behind last year's year-to-date sales of 515.
The Median Sales Price in December was $420,000, down -11.0% from $471,913 in December of 2015 and down -12.9% from $482,000 last month. The Average Sales Price in December was $518,111, down -4.6% from $543,225 in December of 2015 and down -22.5% from $668,759 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 265, down -16.4% from 317 last month and up 6.9% from 248 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 7.2 months was at a mid range 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 74, down -7.5% from 80 days last month and down -8.6% from 81 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 of93.6% was up from 92.3% last month and down from 94.4% in December of last year.
The number of New Listings in December 2016 was 28, down -58.2% from 67 last month and down -9.7% from 31 in December of last year.
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