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Art Wilson's Blog

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

Wilmette IL Real Estate Market Action Report November 2013

BY Art Wilson, Realtor

 

Wilmette's October Property sales were 36, up 12.5% from 32 in October of 2012 and -10.0% lower than the 40 sales last month. October 2013 sales were at their highest level compared to October of 2012 and 2011. October YTD sales of 418 are running 13.3% ahead of last year's year-to-date sales of 369.

 

The Median Sales Price in October was $529,500, up 27.3% from $416,000 in October of 2012 and up 16.7% from $453,750 last month. The Average Sales Price in October was $607,187, up 1.2% from $599,819 in October of 2012 and up 9.7% from $553,625 last month. October 2013 ASP was at highest level compared to October of 2012 and 2011.

 

The Total Inventory of Properties available for sale as of October was 131, down -6.4% from 140 last month and down -16.0% from 156 in October of last year. October 2013 Inventory was at the lowest level compared to October of 2012 and 2011.

 

The October 2013 Months Supply of Inventory of 3.6 months was at its lowest level compared with October 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 October was 85, up 30.8% from 65 days last month and up 32.8% from 64 days in October of last year. The October 2013 DOM was at a mid range compared with October 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 October 2013 Selling Price vs List Price of 93.4% was down from 94.8% last month and down from 95.9% in October of last year.

 

The number of New Listings in October 2013 was 45, down -6.3% from 48 last month and up 15.4% from 39 in October of last year.

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