Sales rate trends in Highland Park

A simple analysis of MLS data shows that sales have picked up in Highland Park over the past three months versus the prior three months. There were 121 single family homes that sold (Attorney Review/Inspection, Pending, or closed) during the past 6 months; 73 of those sales (over 60%) were from the past 3 months, or 24.3 homes per month.

There are currently 360 single family homes for sale in Highland Park, as of close of business today. So, on average that translates into between 14 and 15 months of inventory, if the sales rate for the past three months stays the same (360 divided by 24.3).

If you look at this by price range, the picture is quite different. For luxury homes (over $1.2 million) only 12 homes sold in the past three month, or 4 per month. With 123 of these homes currently for sale, that translates into over 30 months of inventory! (123 divided by 4).

For the less expensive homes, the sales rate is slightly over 20 homes per month, which tranlsates into about 10.7 months of inventory.

All of these numbers are better than they were a few months ago - so the overall trend is where we want it to be, heading up.

Thanks for reading.

nsk