By Art Wilson, Realtor
Highland Park’s March Property sales were 45, up 40.6% from 32 in March of 2016 and 104.5% higher than the 22 sales last month. March 2017 sales were at their highest level compared to March of 2016 and 2015. March YTD sales of 97 are running 7.8% ahead of last year's year-to-date sales of 90.
The Median Sales Price in March was $365,000, down -28.4% from $510,000 in March of 2016 and down -6.7% from $391,200 last month. The Average Sales Price in March was $428,366, down -17.6% from $519,942 in March of 2016 and down -11.2% from $482,233 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 311, down -0.6% from 313 last month and up 2.6% from 303 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 6.9 months was at a mid range 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 95, down -14.4% from 111 days last month and up 8.0% from 88 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 89.0% was up from 88.3% last month and down from 91.1% in March of last year.
The number of New Listings in March 2017 was 113, down -12.4% from 129 last month and up 7.6% from 105 in March of last year.
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