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Art Wilson's Blog

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

Wilmette Il Real Estate Market Action Report July 2014

By Art Wilson, Realtor

 

Wilmette's June Property sales were 61, down -14.1% from 71 in June of 2013 and 13.0% higher than the 54 sales last month. June 2014 sales were at a mid level compared to June of 2013 and 2012. June YTD sales of 237 are running 6.3% ahead of last year's year-to-date sales of 223.

 The Median Sales Price in June was $795,000, up 13.9% from $698,000 in June of 2013 and up 25.8% from $632,000 last month. The Average Sales Price in June was $819,907, up 9.0% from $752,098 in June of 2013 and up 4.5% from $784,301 last month. June 2014 ASP was at highest level compared to June of 2013 and 2012.

The Total Inventory of Properties available for sale as of June was 124, up 6.9% from 116 last month and down -19.0% from 153 in June of last year. June 2014 Inventory was at the lowest level compared to June of 2013 and 2012.

The June 2014 Months Supply of Inventory of 2.0 months was at its lowest level compared with June of 2013 and 2012. 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 June was 34, down -35.8% from 53 days last month and equal to 34 days in June of last year. The June 2014 DOM was at its lowest level compared with June of 2013 and 2012.

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 June 2014 Selling Price vs List Price of 96.4% was down from 96.9% last month and down from 97.3% in June of last year.

The number of New Listings in June 2014 was 75, down -18.5% from 92 last month and down -6.3% from 80 in June of last year.

 

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