October Property sales were 111, down -26.0% from 150 in October of 2020 and -7.5% lower than the 120 sales last month. October 2021 sales were at their lowest level compared to October of 2020 and 2019. October YTD sales of 1,266 are running 30.1% ahead of last year’s year-to-date sales of 973.
The Median Sales Price in October was $1,186,000, up 12.2% from $1,057,500 in October of 2020 and down -1.1% from $1,199,000 last month. The Average Sales Price in October was $1,379,195, up 10.7% from $1,245,533 in October of 2020 and down -2.5% from $1,414,830 last month. October 2021 ASP was at
highest level compared to October of 2020 and 2019.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of October was 142, down -2.7% from 146 last month and down -26.0% from 192 in October of last year. October 2021 Inventory was at the lowest level compared to October of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2021 MSI of 1.3 months was at its lowest level compared with October 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 October was 35, up 34.6% from 26 days last month and down -14.6% from 41 days in October of last year. The October 2021 DOM was at its lowest level compared with October 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 October 2021 Selling Price per Square Foot of $701 was up 3.1% from $680 last month and up 27.7% from $549 in October 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 October 2021 Selling Price vs List Price of 100.5% was down from 101.7% last month and up from 98.4% in October 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 October 2021 was 83, down -26.5% from 113 last month and down -43.5% from 147 in October of last year.