October Property sales were 177, up 7.3% from 165 in October of 2018 and 2.3% higher than the 173 sales last month. October 2019 sales were at a mid level compared to October of 2018 and 2017. October YTD sales of 1,733 are running 1.7% ahead of last year’s year-to-date sales of 1,704.
The Median Sales Price in October was $515,000, up 4.7% from $492,000 in October of 2018 and equal to $515,000 last month. The Average Sales Price in October was $555,915, up 5.4% from $527,348 in October of 2018 and up 2.5% from $542,586 last month. October 2019 ASP was at highest level compared to October of 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of October was 475, down -1.9% from 484 last month and down -10.2% from 529 in October of last year. October 2019 Inventory was at a mid range compared to October of 2018 and 2017. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2019 MSI of 2.7 months was at a mid range compared with October 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 October was 55, up 44.7% from 38 days last month and up 12.2% from 49 days in October of last year. The October 2019 DOM was at its highest level compared with October 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 October 2019 Selling Price per Square Foot of $254 was down -0.4% from $255 last month and down -2.7% from $261 in October 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 October 2019 Selling Price vs List Price of 97.0% was down from 97.7% last month and down from 97.3% in October 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 October 2019 was 167, down -25.4% from 224 last month and down -30.4% from 240 in October of last year.
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