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Art Wilson's Blog

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

Wilmette IL Real Estate Market Action Report May 2013

By Art Wilson, Realtor

 

Wilmette's April Property sales were 41, up 20.6% from 34 in April of 2012 and 57.7% higher than the 26 sales last month. April 2013 sales were at their highest level compared to April of 2012 and 2011. April YTD sales of 99 are running 12.5% ahead of last year's year-to-date sales of

The Median Sales Price in April was $550,000, up 21.7% from $452,000 in April of 2012 and up 44.3% from $381,250 last month. The Average Sales Price in April was $655,382, up 27.5% from $514,158 in April of 2012 and up 25.6% from $521,808 last month. April 2013 ASP was at highest level compared to April of 2012 and 2011.

The Total Inventory of Properties available for sale as of April was 113, down -4.2% from 118 last month and down -39.9% from 188 in April of last year. April 2013 Inventory was at the lowest level compared to April of 2012 and 2011.

The April 2013 Months Supply of Inventory of 2.8 months was at its lowest level compared with April 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 April was 73, down -27.7% from 101 days last month and down -51.3% from 150 days in April of last year. The April 2013 DOM was at its lowest level compared with April 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 April 2013 Selling Price vs List Price of 96.1% was up from 95.6% last month and up from 92.5% in April of last year.

The number of New Listings in April 2013 was 80, up 15.9% from 69 last month and up 6.7% from 75 in April of last year.

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