By Art Wilson, Realtor
Glencoe's March Property sales were 5, down -54.5% from 11 in March of 2016 and -16.7% lower than the 6 sales last month. March 2017 sales were at their lowest level compared to March of 2016 and 2015. March YTD sales of 21 are running 23.5% ahead of last year's year-to-date sales of 17.
The Median Sales Price in March was $580,000, down -13.4% from $670,000 in March of 2016 and down -3.2% from $599,000 last month. The Average Sales Price in March was $727,400, down -5.7% from $771,046 in March of 2016 and up 9.9% from $662,000 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 102, down -1.0% from 103 last month and up 6.3% from 96 in March of last year. March 2017 Inventory was at highest level compared to March of 2016 and 2015. The March 2017 Month’s Supply of Inventory of 20.4 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 91, up 85.7% from 49 days last month and up 75.0% from 52 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 86.4% was down from 89.1% last month and down from 92.1% in March of last year.
The number of New Listings in March 2017 was 39, down -11.4% from 44 last month and down -13.3% from 45 in March of last year.