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Art Wilson's Blog

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

Wilmette IL Real Estate Market Action Report March 2014

By Art Wilson, Realtor

Wilmette's February Property sales were 19, up 46.2% from 13 in February of 2013 and -20.8% lower than the 24 sales last month. February 2014 sales were at their highest level compared to February of 2013 and 2012. February YTD sales of 43 are running 34.4% ahead of last year's year-to-date sales of 32.

The Median Sales Price in February was $472,980, up 43.3% from $330,000 in February of 2013 and down -11.3% from $533,438 last month. The Average Sales Price in February was $600,999, up 14.0% from $527,231 in February of 2013 and up 8.1% from $555,724 last month. February 2014 ASP was at highest level compared to February of 2013 and 2012.

The Total Inventory of Properties available for sale as of February was 108, up 4.9% from 103 last month and down -11.5% from 122 in February of last year. February 2014 Inventory was at the lowest level compared to February of 2013 and 2012.

The February 2014 Months Supply of Inventory of 5.7 months was at its lowest level compared with February 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 February was 93, up 63.2% from 57 days last month and up 1.1% from 92 days in February of last year. The February 2014 DOM was at a mid range compared with February 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 February 2014 Selling Price vs List Price of 96.4% was up from 95.1% last month and up from 95.5% in February of last year.

The number of New Listings in February 2014 was 75, up 44.2% from 52 last month and up 23.0% from 61 in February of last year.

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