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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 2013

By Art Wilson, Realtor

Wilmette's May Property sales were 49, down -9.3% from 54 in May of 2012 and 11.4% higher than the 44 sales last month. May 2013 sales were at a mid level compared to May of 2012 and 2011. May YTD sales of 151 are running 6.3% ahead of last year's year-to-date sales of 142.

The Median Sales Price in May was $500,008, down -9.9% from $555,000 in May of 2012 and down -10.6% from $559,500 last month. The Average Sales Price in May was $613,029, down -7.5% from $662,514 in May of 2012 and down -5.7% from $650,401 last month. May 2013 ASP was at the lowest level compared to May of 2012 and 2011.

The Total Inventory of Properties available for sale as of May was 135, up 6.3% from 127 last month and down -16.7% from 162 in May of last year. May 2013 Inventory was at the lowest level compared to May of 2012 and 2011.

The May 2013 Months Supply of Inventory of 2.8 months was at its lowest level compared with May 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 May was 40, down -41.2% from 68 days last month and down -57.9% from 95 days in May of last year. The May 2013 DOM was at its lowest level compared with May 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 May 2013 Selling Price vs List Price of 97.0% was up from 96.3% last month and up from 94.0% in May of last year.

The number of New Listings in May 2013 was 88, up 8.6% from 81 last month and up 109.5% from 42 in May of last year.

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