December Property sales were 104, up 38.7% from 75 in December of 2018 and 15.6% higher than the 90 sales last month. December 2019 sales were at their highest level compared to December of 2018 and 2017. December YTD sales of 1,189 are running 8.5% ahead of last year’s year-to-date sales of 1,096.
The Median Sales Price in December was $990,000, up 15.3% from $859,000 in December of 2018 and up 7.2% from $923,750 last month. The Average Sales Price in December was $1,132,280, up 4.4% from $1,084,264 in December of 2018 and down -0.9% from $1,143,086 last month. December 2019 ASP was at highest level compared to December of 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of December was 168, down -10.2% from 187 last month and down -19.2% from 208 in December of last year. December 2019 Inventory was at a mid range compared to December of 2018 and 2017. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2019 MSI of 1.6 months was at a mid range compared with December of 2018 and 2017.
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 44, down -20.0% from 55 days last month and down -26.7% from 60 days in December of last year. The December 2019 DOM was at a mid range compared with December of 2018 and 2017.
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 2019 Selling Price per Square Foot of $535 was down -2.9% from $551 last month and up 1.1% from $529 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 2019 Selling Price vs List Price of 97.1% was up from 96.2% last month and up from 95.1% 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 2019 was 47, down -44.0% from 84 last month and down -6.0% from 50 in December of last year.