June Property sales were 205, up 43.4% from 143 in June of 2020 and -8.9% lower than the 225 sales last month. June 2021 sales were at their highest level compared to June of 2020 and 2019. June YTD sales of 1,162 are running 61.8% ahead of last year’s year-to-date sales of 718.
The Median Sales Price in June was $1,036,000, up 15.1% from $900,000 in June of 2020 and up 9.2% from $949,000 last month. The Average Sales Price in June was $1,233,993, up 23.3% from $1,000,650 in June of 2020 and up 9.8% from $1,123,601 last month. June 2021 ASP was at highest level compared to June of 2020 and 2019.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of June was 280, up 41.4% from 198 last month and down -11.4% from 316 in June of last year. June 2021 Inventory was at the lowest level compared to June of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2021 MSI of 1.4 months was at its lowest level compared with June of 2020 and 2019.
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 27, up 3.8% from 26 days last month and down -44.9% from 49 days in June of last year. The June 2021 DOM was at its lowest level compared with June of 2020 and 2019.
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 2021 Selling Price per Square Foot of $649 was up 4.7% from $620 last month and up 17.4% from $553 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 2021 Selling Price vs List Price of 102.0% was up from 101.2% last month and up from 96.1% 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 2021 was 229, up 8.5% from 211 last month and up 14.5% from 200 in June of last year.