By Art Wilson,
Lake Forest's March Property sales were 29, up 16.0% from 25 in March of 2012 and 38.1% higher than the 21 sales last month. March 2013 sales were at their highest level compared to March of 2012 and 2011. March YTD sales of 65 are running 44.4% ahead of last year's year-to-date sales of 45.
The Median Sales Price in March was $680,000, up 19.3% from $570,000 in March of 2012 and down -5.3% from $718,000 last month. The Average Sales Price in March was $939,103, up 12.1% from $837,870 in March of 2012 and up 33.0% from $706,190 last month. March 2013 ASP was at a mid range compared to March of 2012 and 2011.
The Total Inventory of Properties available for sale as of March was 197, down -6.6% from 211 last month and down -32.5% from 292 in March of last year. March 2013 Inventory was at the lowest level compared to March of 2012 and 2011.
The March 2013 Months Supply of Inventory of 6.8 months was at its lowest level compared with March of 2012 and 2011. 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 March was 115, down -18.4% from 141 days last month and down -29.9% from 164 days in March of last year. The March 2013 DOM was at its lowest level compared with March of 2012 and 2011.
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 March 2013 Selling Price vs List Price of 92.0% was down from 92.5% last month and up from 87.5% in March of last year.
The number of New Listings in March 2013 was 43, down 38.6% from 70 last month and down -21.8% from 55 in March of last year.