August Property sales were 136, up 3.0% from 132 in August of 2020 and -5.6% lower than the 144 sales last month. August 2021 sales were at their highest level compared to August of 2020 and 2019. August YTD sales of 1,035 are running 48.7% ahead of last year’s year-to-date sales of 696.
The Median Sales Price in August was $1,151,000, up 15.2% from $999,000 in August of 2020 and down -7.9% from $1,250,000 last month. The Average Sales Price in August was $1,280,710, up 11.8% from $1,145,300 in August of 2020 and down -10.5% from $1,431,361 last month. August 2021 ASP was at highest level compared to August of 2020 and 2019.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of August was 183, up 20.4% from 152 last month and down -9.9% from 203 in August of last year. August 2021 Inventory was at the lowest level compared to August of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2021 MSI of 1.3 months was at its lowest level compared with August 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 August was 24, equal to 24 days last month and down -36.8% from 38 days in August of last year. The August 2021 DOM was at its lowest level compared with August 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 August 2021 Selling Price per Square Foot of $662 was down -1.6% from $673 last month and up 24.7% from $531 in August 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 August 2021 Selling Price vs List Price of 100.5% was down from 102.3% last month and up from 98.5% in August 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 August 2021 was 122, down -17.0% from 147 last month and down -21.8% from 156 in August of last year.