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Art Wilson's Blog

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

Highland Park IL Real Estate Market Action Report January 2013

Highland Park's December Property sales were 36, up 56.5% from 23 in December of 2011 and 9.1% higher than the 33 sales last month. December 2012 sales were at their highest level compared to December of 2011 and 2010. December YTD sales of 454 are running 31.2% ahead of last year's year-to-date sales of 346.

The Median Sales Price in December was $368,500, up 36.5% from $270,000 in December of 2011 and down -21.1% from $467,000 last month. The Average Sales Price in December was $609,272, down -12.6% from $697,139 in December of 2011 and up 14.0% from $534,564 last month. December 2012 ASP was at a mid range compared to December of 2011 and 2010.

The Total Inventory of Properties available for sale as of December was 195, down -15.2% from 230 last month and down -39.1% from 320 in December of last year. December 2012 Inventory was at the lowest level compared to December of 2011 and 2010.

The December 2012 Months Supply of Inventory of 5.4 months was at its lowest level compared with December of 2011 and 2010. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.
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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 December was 155, up 76.1% from 88 days last month and up 10.7% from 140 days in December of last year. The December 2012 DOM was at its highest level compared with December of 2011 and 2010.

The Selling Price vs Listing Price reveals 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 December 2012 Selling Price vs List Price of 91.7% was down from 92.7% last month and up from 90.2% in December of last year.

The number of New Listings in December 2012 was 33, down-21.4% from 42 last month and up 32.0% from 25 in December of last year.

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