December Property sales were 106, down -4.5% from 111 in December of 2020 and -5.4% lower than the 112 sales last month. December 2021 sales were at their lowest level compared to December of 2020 and 2019. December YTD sales of 1,484 are running 23.3% ahead of last year’s year-to-date sales of 1,204.
The Median Sales Price in December was $1,225,000, up 24.4% from $985,000 in December of 2020 and down -2.0% from $1,250,000 last month. The Average Sales Price in December was $1,415,386, up 12.5% from $1,257,644 in December of 2020 and down -0.9% from $1,427,676 last month. December 2021 ASP was at highest level compared to December of 2020 and 2019.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of December was 90, down -8.2% from 98 last month and down -31.3% from 131 in December of last year. December 2021 Inventory was at the lowest level compared to December of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2021 MSI of 0.8 months was at its lowest level compared with December 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 December was 24, down -4.0% from 25 days last month and down -33.3% from 36 days in December of last year. The December 2021 DOM was at its lowest level compared with December 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 December 2021 Selling Price per Square Foot of $686 was down -1.0% from $693 last month and up 18.7% from $578 in December 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 December 2021 Selling Price vs List Price of 103.4% was up from 101.4% last month and up from 98.7% in December 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 December 2021 was 49, down -50.0% from 98 last month and down -36.4% from 77 in December of last year.