September Property sales were 121, down -4.7% from 127 in September of 2020 and -11.0% lower than the 136 sales last month. September 2021 sales were at a mid level compared to September of 2020 and 2019. September YTD sales of 1,156 are running 40.5% ahead of last year’s year-to-date sales of 823.
The Median Sales Price in September was $1,199,000, up 23.9% from $968,000 in September of 2020 and up 4.2% from $1,151,000 last month. The Average Sales Price in September was $1,410,451, up 18.2% from $1,193,162 in September of 2020 and up 10.1% from $1,280,710 last month. September 2021 ASP was at highest level compared to September of 2020 and 2019.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of September was 172, up 18.6% from 145 last month and down -12.7% from 197 in September of last year. September 2021 Inventory was at the lowest level compared to September of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2021 MSI of 1.4 months was at its lowest level compared with September 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 September was 26, up 8.3% from 24 days last month and down -36.6% from 41 days in September of last year. The September 2021 DOM was at its lowest level compared with September 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 September 2021 Selling Price per Square Foot of $679 was up 2.6% from $662 last month and up 17.5% from $578 in September 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 September 2021 Selling Price vs List Price of 101.6% was up from 100.5% last month and up from 98.6% in September 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 September 2021 was 101, down -21.1% from 128 last month and down -28.4% from 141 in September of last year.