Property sales were 24, down -17.2% from 29 in 2017 and -29.4% lower than the 34 sales last month. 2018 sales were at their lowest level compared to 2017 and 2016. YTD sales of 409 are running -2.8% ahead last year’s year-to-date sales of 398.
The Median Sales Price was $1,347,000, up 3.6% from $1,300,000 in 2017 and down -0.4% from $1,352,500 last month. The Average Sales Price was $1,686,742, up 3.9% from $1,623,724 in 2017 and up -8.5% from $1,554,522 last month. ASP was at highest level compared to 2017 and 2016.
INVENTORY & MSI
The Total Inventory of Properties available for sale was 132, down 14.8% from 155 last month and up 65.0% from 80 of last year. Inventory was at highest level compared to 2017 and 2016. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. MSI of 5.5 months was at its highest level compared with 2017 and 2016.
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 was 89, up -78% from 50 days last month and up -67.9% from 53 days last year. The DOM was at its highest level compared with 2017 and 2016.
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 Selling Price per Square Foot of $578 was up -7.2% from $539 last month and down -2.7% from $594 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 Selling Price vs List Price of 92.6% was down from 93.8% last month and down from 95.9% of last year.
INVENTORY / NEW LISTINGS / SALES
The market combines monthly inventory of Properties for sale along with New Listings and Sales. This shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings this time in 2018 was 18, down -50.0% from 36 last month and up 5.9% from 17 last year.