By Art Wilson, Realtor
Highland Park’s August Property sales were 59, up 22.9% from 48 in August of 2016 and -1.7% lower than the 60 sales last month. August 2017 sales were at their highest level compared to August of 2016 and 2015. August YTD sales of 404 are running 15.4% ahead of last year's year-to-date sales of 350.
The Median Sales Price in August was $495,000, up 5.8% from $468,000 in August of 2016 and up 4.8% from $472,500 last month. The Average Sales Price in August was $568,525, up 1.3% from $561,253 in August of 2016 and up 9.2% from $520,502 last month. August 2017 ASP was at highest level compared to August of 2016 and 2015.
The Total Inventory of Properties available for sale as of August was 361, down -2.4% from 370 last month and up 2.3% from 353 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 6.1 months was at its lowest level 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 66, up 15.8% from 57 days last month and up 15.8% from 57 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 90.4% was down from 93.8% last month and down from 93.1% in August of last year.
The number of New Listings in August 2017 was 84, down -2.3% from 86 last month and down -4.5% from 88 in August of last year.
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