By Art Wilson, Realtor
Lake Bluff's December Property sales were 14, up 7.7% from 13 in December of 2015 and 7.7% higher than the 13 sales last month. December 2016 sales were at their highest level compared to December of 2015 and 2014. December YTD sales of 183 are running -5.2% behind last year's year-to-date sales of 193.
The Median Sales Price in December was $411,032, up 2.8% from $400,000 in December of 2015 and down -19.4% from $510,000 last month. The Average Sales Price in December was $488,408, up 1.6% from $480,839 in December of 2015 and down -12.3% from $556,846 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 68, down -16.0% from 81 last month and down -9.3% from 75 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 Invnetory of 4.9 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 109, up 109.6% from 52 days last month and up 38.0% from 79 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 91.2% was down from 94.4% last month and down from 94.4% in December of last year.
The number of New Listings in December 2016 was 9, down -35.7% from 14 last month and up 12.5% from 8 in December of last year.