By Art Wilson, Realtor
Glencoe’s August Property sales were 14, down -6.7% from 15 in August of 2016 and -26.3% lower than the 19 sales last month. August 2017 sales were at a mid level compared to August of 2016 and 2015. August YTD sales of 120 are running 18.8% ahead of last year's year-to-date sales of 101.
The Median Sales Price in August was $824,025, down -17.2% from $995,000 in August of 2016 and down -21.9% from $1,055,000 last month. The Average Sales Price in August was $1,215,575, down -0.5% from $1,222,267 in August of 2016 and up 0.1% from $1,213,974 last month. August 2017 ASP was at a mid range compared to August of 2016 and 2015.
The Total Inventory of Properties available for sale as of August was 106, down -1.9% from 108 last month and up 5.0% from 101 in August of last year. August 2017 Inventory was at highest level compared to August of 2016 and 2015.
The August 2017 Month’s Supply of Inventory of 7.6 months was at a mid range compared with August 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 August was 63, down -31.5% from 92 days last month and up 5.0% from 60 days in August of last year. The August 2017 DOM was at its highest level compared with August 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 August 2017 Selling Price vs List Price of 91.1% was equal to 91.1% last month and down from 92.0% in August of last year.
The number of New Listings in August 2017 was 29, up 3.6% from 28 last month and up 31.8% from 22 in August of last year.