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Art Wilson's Blog

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

Wilmette IL Real Estate Market Action Report April 2013

By Art Wilson, Realtor

Wilmette's March Property sales were 26, up 23.8% from 21 in March of 2012 and 100.0% higher than the 13 sales last month. March 2013 sales were at their highest level compared to March of 2012 and 2011. March YTD sales of 57 are running 5.6% ahead of last year's year-to-date sales of 54.


The Median Sales Price in March was $381,250, down -18.2% from $466,000 in March of 2012 and up 15.5% from $330,000 last month. The Average Sales Price in March was $521,808, down -6.0% from $555,032 in March of 2012 and down -1.0% from $527,231 last month. March 2013 ASP was at the lowest level compared to March of 2012 and 2011.


The Total Inventory of Properties available for sale as of March was 113, equal to 113 last month and down -41.1% from 192 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 4.3 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 101, up 9.8% from 92 days last month and up 40.3% from 72 days in March of last year. The March 2013 DOM was at a mid range 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 95.6% was up from 95.5% last month and down from 95.7% in March of last year.


The number of New Listings in March 2013 was 69, up 16.9% from 59 last month and up 3.0% from 67 in March of last year.

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