By Art Wilson, Realtor
Northbrook’s August Property sales were 82, up 1.2% from 81 in August of 2016 and 12.3% higher than the 73 sales last month. August 2017 sales were at a mid level compared to August of 2016 and 2015. August YTD sales of 549 are running 4.4% ahead of last year's year-to-date sales of 526.
The Median Sales Price in August was $499,450, up 22.6% from $407,500 in August of 2016 and up 13.0% from $442,000 last month. The Average Sales Price in August was $514,501, up 4.8% from $490,793 in August of 2016 and up 3.4% from $497,449 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 333, down -5.4% from 352 last month and up 4.4% from 319 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 4.1 months was at its highest 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 33, down -21.4% from 42 days last month and down -25.0% from 44 days in August of last year. The August 2017 DOM was at its lowest 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 95.3% was up from 94.9% last month and up from 93.9% in August of last year.
The number of New Listings in August 2017 was 133, down -4.3% from 139 last month and up 27.9% from 104 in August of last year.