Highland Park IL Real Estate Market Action Report February 2017

By Art Wilson, Realtor

Highland Park's January Property sales were 30, down -6.3% from 32 in January of 2016 and -21.1% lower than the 38 sales last month. January 2017 sales were at a mid level compared to January of 2016 and 2015. January YTD sales of 30 are running -6.3% behind last year's year-to-date sales of 32.

The Median Sales Price in January was $502,500, up 5.8% from $475,000 in January of 2016 and up 23.3% from $407,500 last month. The Average Sales Price in January was $621,184, up 12.9% from $550,255 in January of 2016 and up 22.3% from $508,121 last month. January 2017 ASP was at highest level compared to January of 2016 and 2015.

The Total Inventory of Properties available for sale as of January was 261, down -5.4% from 276 last month and up 2.4% from 255 in January of last year. January 2017 Inventory was at highest level compared to January of 2016 and 2015.

The January 2017 Month’s Supply of Inventory of 8.7 months was at its highest level compared with January of 2016 and 2015. 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 January was 68, down -6.8% from 73 days last month and down -28.4% from 95 days in January of last year. The January 2017 DOM was at its lowest level compared with January of 2016 and 2015.

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 January 2017 Selling Price vs List Price of 90.2% was up from 89.1% last month and down from 91.5% in January of last year.

The number of New Listings in January 2017 was 84, up 189.7% from 29 last month and up 21.7% from 69 in January of last year.