June Property sales were 204, up 12.1% from 182 in June of 2018 and 3.6% higher than the 197 sales last month. June 2019 sales were at a mid level compared to June of 2018 and 2017. June YTD sales of 988 are running -2.8% behind last year’s year-to-date sales of 1,016.
The Median Sales Price in June was $506,250, down -0.2% from $507,500 in June of 2018 and up 1.3% from $500,000 last month. The Average Sales Price in June was $525,635, down -0.9% from $530,583 in June of 2018 and down -3.0% from $541,917 last month. June 2019 ASP was at a mid range compared to June of 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of June was 589, up 15.3% from 511 last month and up 18.0% from 499 in June of last year. June 2019 Inventory was at highest level compared to June of 2018 and 2017. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2019 MSI of 2.9 months was at its highest level compared with June of 2018 and 2017.
The average Days On Market(DOM) shows 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 44, down -10.2% from 49 days last month and up 29.4% from 34 days in June of last year. The June 2019 DOM was at its highest level compared with June of 2018 and 2017.
SELLING PRICE PER SQUARE FOOT
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The June 2019 Selling Price per Square Foot of $258 was up 0.4% from $257 last month and up 0.4% from $257 in June of last year.
SELLING PRICE VS LISTING PRICE
The Selling Price vs Listing Price reveals 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 2019 Selling Price vs List Price of 98.5% was up from 98.1% last month and down from 99.3% in June of last year.
INVENTORY / NEW LISTINGS / SALES
‘This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in June 2019 was 253, down -13.4% from 292 last month and down -14.8% from 297 in June of last year.