December Property sales were 169, up 10.5% from 153 in December of 2019 and -4.5% lower than the 177 sales last month. December 2020 sales were at their highest level compared to December of 2019 and 2018. December YTD sales of 1,851 are running 0.2% ahead of last year’s year-to-date sales of 1,848.
The Median Sales Price in December was $890,000, up 4.0% from $856,000 in December of 2019 and up 1.1% from $880,000 last month. The Average Sales Price in December was $1,061,927, up 10.2% from $963,733 in December of 2019 and up 5.2% from $1,009,715 last month. December 2020 ASP was at
highest level compared to December of 2019 and 2018.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of December was 235, down -1.7% from 239 last month and down -5.2% from 248 in December of last year. December 2020 Inventory was at the lowest level compared to December of 2019 and 2018. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2020 MSI of 1.4 months was at its lowest level compared with December of 2019 and 2018.
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 38, up 31.0% from 29 days last month and down -15.6% from 45 days in December of last year. The December 2020 DOM was at its lowest level compared with December of 2019 and 2018.
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 2020 Selling Price per Square Foot of $555 was down -4.5% from $581 last month and up 6.1% from $523 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 2020 Selling Price vs List Price of 98.5% was down from 99.4% last month and up from 97.4% 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 2020 was 107, down -28.2% from 149 last month and up 18.9% from 90 in December of last year.
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