By Art Wilson, Realtor
Lincolnshire’s August Property sales were 19, up 35.7% from 14 in August of 2016 and 26.7% higher than the 15 sales last month. August 2017 sales were at their highest level compared to August of 2016 and 2015. August YTD sales of 122 are running 29.8% ahead of last year's year-to-date sales of 94.
The Median Sales Price in August was $520,000, up 12.4% from $462,500 in August of 2016 and up 8.3% from $480,000 last month. The Average Sales Price in August was $550,823, up 15.0% from $479,011 in August of 2016 and down -0.5% from $553,653 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 72, down -11.1% from 81 last month and down -5.3% from 76 in August of last year. August 2017 Inventory was at the lowest level compared to August of 2016 and 2015.
The August 2017 Month’s Supply of Inventory of 3.8 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 60, down -6.3% from 64 days last month and equal to 60 days in August of last year. The August 2017 DOM was at a mid range 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 92.9% was up from 92.0% last month and down from 93.0% in August of last year.
The number of New Listings in August 2017 was 21, down -25.0% from 28 last month and down -19.2% from 26 in August of last year.