By Art Wilson, Realtor
Glencoe’s July Property sales were 19, up 18.8% from 16 in July of 2016 and -26.9% lower than the 26 sales last month. July 2017 sales were at a mid level compared to July of 2016 and 2015. July YTD sales of 106 are running 23.3% ahead of last year's year-to-date sales of 86.
The Median Sales Price in July was $1,055,000, up 34.8% from $782,500 in July of 2016 and up 27.1% from $830,000 last month. The Average Sales Price in July was $1,213,974, up 34.9% from $900,031 in July of 2016 and up 28.4% from $945,317 last month. July 2017 ASP was at a mid range compared to July of 2016 and 2015.
The Total Inventory of Properties available for sale as of July was 107, down -0.9% from 108 last month and down -6.1% from 114 in July of last year. July 2017 Inventory was at the lowest level compared to July of 2016 and 2015.
The July 2017 Month’s Supply of Inventory of 5.6 months was at a mid range compared with July 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 July was 92, up 61.4% from 57 days last month and up 43.8% from 64 days in July of last year. The July 2017 DOM was at its highest level compared with July 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 July 2017 Selling Price vs List Price of 91.1% was down from 92.1% last month and down from 94.9% in July of last year.
The number of New Listings in July 2017 was 27, down -3.6% from 28 last month and up 12.5% from 24 in July of last year.