By Art Wilson, Realtor
Lake Forest's March Property sales were 19, down -5.0% from 20 in March of 2016 and 58.3% higher than the 12 sales last month. March 2017 sales were at their lowest level compared to March of 2016 and 2015. March YTD sales of 41 are running -24.1% behind last year's year-to-date sales of 54.
The Median Sales Price in March was $655,000, up 7.8% from $607,500 in March of 2016 and down -37.2% from $1,042,500 last month. The Average Sales Price in March was $713,139, down -11.5% from $805,531 in March of 2016 and down -32.0% from $1,048,833 last month. March 2017 ASP was at the lowest level compared to March of 2016 and 2015.
The Total Inventory of Properties available for sale as of March was 338, up 6.6% from 317 last month and down -2.6% from 347 in March of last year. March 2017 Inventory was at a mid range compared to March of 2016 and 2015.
The March 2017 Month’s Supply of Inventory of 17.8 months was at its highest level compared with March 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 March was 136, down -39.6% from 225 days last month and up 15.3% from 118 days in March of last year. The March 2017 DOM was at its highest level compared with March 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 March 2017 Selling Price vs List Price of 87.3% was up from 86.8% last month and down from 88.6% in March of last year.
The number of New Listings in March 2017 was 80, up 11.1% from 72 last month and up 11.1% from 72 in March of last year.