Wilmette IL Real Estate Market Action Report October 2017

By Art Wilson, Realtor

Wilmette’s September Property sales were 29, down -32.6% from 43 in September of 2016 and -40.8% lower than the 49 sales last month. September 2017 sales were at their lowest level compared to September of 2016 and 2015. September YTD sales of 403 are running 0.2% ahead of last year's year-to-date sales of 402.

The Median Sales Price in September was $537,500, down -5.9% from $571,500 in September of 2016 and down -8.9% from $590,000 last month. The Average Sales Price in September was $667,052, down -2.8% from $686,261 in September of 2016 and down -8.7% from $731,004 last month. September 2017 ASP was at the lowest level compared to September of 2016 and 2015.

The Total Inventory of Properties available for sale as of September was 169, down -4.5% from 177 last month and down -23.2% from 220 in September of last year. September 2017 Inventory was at the lowest level compared to September of 2016 and 2015.

The September 2017 Month’s Supply of Inventory of 5.8 months was at a mid range 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 50, down -3.8% from 52 days last month and up 11.1% from 45 days in September of last year. The September 2017 DOM was at its highest level 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 92.0% was down from 92.1% last month and down from 92.8% in September of last year.

The number of New Listings in September 2017 was 49, down -5.8% from 52 last month and down -22.2% from 63 in September of last year.