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Art Wilson's Blog

By Michele & Art Wilson | Broker in Lake Forest, IL

Wilmette IL Real Estate Market Action Report June 2012

Wilmette's May Property sales were 54, up 92.9% from 28 in May of 2011 and 58.8% higher than the 34 sales last month. May 2012 sales were at their highest level compared to May of 2011 and 2010. May YTD sales of 142 are running 29.1% ahead of last year's year-to-date sales of 110.

The Median Sales Price in May was $555,000, up 3.5% from $536,250 in May of 2011 and up 22.8% from $452,000 last month. The Average Sales Price in May was $662,514, up 6.8% from $620,489 in May of 2011 and up 28.9% from $514,158 last month. May 2012 ASP was at highest level compared to May of 2011 and 2010.

The Total Inventory of Properties available for sale as of May was 156, down -16.1% from 186 last month and down -38.6% from 254 in May of last year. May 2012 Inventory was at the lowest level compared to May of 2011 and 2010.

The May 2012 Months Supply of Inventory of 2.9 months was at its lowest level compared with May of 2011 and 2010. 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 May was 95, down -36.7% from 150 days last month and down -33.1% from 142 days in May of last year. The May 2012 DOM was at its lowest level compared with May of 2011 and 2010.

The Selling Price vs Original Listing Price is the average amount that Sellers are agreeing to come down from their original 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 May 2012 Selling Price vs Original List Price of 94.0% was up from 92.5% last month and up from 93.2% in May of last year.

The number of New Listings in May 2012 was 42, down 44.7% from 76 last month and down -46.8% from 79 in May of last year.

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