Lake Forest IL Real Estate Market Action Report October 2017

By Art Wilson, Realtor

Lake Forest’s September Property sales were 30, up 3.4% from 29 in September of 2016 and -28.6% lower than the 42 sales last month. September 2017 sales were at their highest level compared to September of 2016 and 2015. September YTD sales of 273 are running 10.1% ahead of last year's year-to-date sales of 248.

The Median Sales Price in September was $769,000, up 20.2% from $640,000 in September of 2016 and up 2.9% from $747,500 last month. The Average Sales Price in September was $1,043,191, up 17.5% from $888,099 in September of 2016 and up 7.0% from $974,928 last month. September 2017 ASP was at highest level compared to September of 2016 and 2015.

The Total Inventory of Properties available for sale as of September was 347, up 5.5% from 329 last month and down -9.6% from 384 in September of last year. September 2017 Inventory was at a mid range compared to September of 2016 and 2015.

The September 2017 Month’s Supply of Inventory of 11.6 months was at its lowest level compared with September 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 September was 91, up 16.7% from 78 days last month and down -16.5% from 109 days in September of last year. The September 2017 DOM was at a mid range compared with September 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 September 2017 Selling Price vs List Price of 87.3% was down from 88.9% last month and up from 86.2% in September of last year.

The number of New Listings in September 2017 was 77, up 48.1% from 52 last month and up 37.5% from 56 in September of last year.