By Art Wilson, Realtor
Northbrook’s March Property sales were 54, up 12.5% from 48 in March of 2016 and 45.9% higher than the 37 sales last month. March 2017 sales were at a mid level compared to March of 2016 and 2015. March YTD sales of 130 are running 12.1% ahead of last year's year-to-date sales of 116.
The Median Sales Price in March was $495,000, up 19.6% from $413,950 in March of 2016 and up 8.3% from $457,000 last month. The Average Sales Price in March was $523,632, up 17.4% from $445,858 in March of 2016 and down -12.7% from $599,511 last month. March 2017 ASP was at highest level compared to March of 2016 and 2015.
The Total Inventory of Properties available for sale as of March was 300, up 9.1% from 275 last month and up 8.7% from 276 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 5.6 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 79, up 14.5% from 69 days last month and up 92.7% from 41 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 94.1% was up from 90.5% last month and up from 93.2% in March of last year.
The number of New Listings in March 2017 was 187, up 25.5% from 149 last month and up 18.4% from 158 in March of last year.
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