November Property sales were 145, down -9.4% from 160 in November of 2018 and -23.3% lower than the 189 sales last month. November 2019 sales were at their lowest level compared to November of 2018 and 2017. November YTD sales of 1,890 are running 1.4% ahead of last year’s year-to-date sales of 1,864.
The Median Sales Price in November was $505,000, up 3.0% from $490,500 in November of 2018 and down -1.0% from $510,000 last month. The Average Sales Price in November was $547,718, up 4.3% from $525,176 in November of 2018 and down -1.1% from $553,820 last month. November 2019 ASP was at highest level compared to November of 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of November was 382, down -8.0% from 415 last month and down -24.8% from 508 in November of last year. November 2019 Inventory was at a mid range compared to November of 2018 and 2017. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2019 MSI of 2.6 months was at a mid range compared with November 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 November was 53, down -1.9% from 54 days last month and up 20.5% from 44 days in November of last year. The November 2019 DOM was at its highest level compared with November 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 November 2019 Selling Price per Square Foot of $256 was up 0.8% from $254 last month and up 2.0% from $251 in November 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 November 2019 Selling Price vs List Price of 97.7% was up from 97.1% last month and up from 96.7% in November 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 November 2019 was 123, down -30.5% from 177 last month and down -34.6% from 188 in November of last year.
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