January Property sales were 62, down -3.1% from 64 in January of 2019 and -43.1% lower than the 109 sales last month. January 2020 sales were at a mid level compared to January of 2019 and 2018. January YTD sales of 62 are running -3.1% behind last year’s year-to-date sales of 64.
The Median Sales Price in January was $1,042,500, up 12.9% from $923,000 in January of 2019 and up 6.6% from $978,000 last month. The Average Sales Price in January was $1,243,317, up 16.0% from $1,071,373 in January of 2019 and up 11.5% from $1,115,249 last month. January 2020 ASP was at highest level compared to January of 2019 and 2018.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of January was 201, up 35.8% from 148 last month and down -9.9% from 223 in January of last year. January 2020 Inventory was at a mid range compared to January of 2019 and 2018. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2020 MSI of 3.2 months was at a mid range compared with January 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 January was 52, up 20.9% from 43 days last month and down -21.2% from 66 days in January of last year. The January 2020 DOM was at a mid range compared with January 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 January 2020 Selling Price per Square Foot of $553 was up 3.0% from $537 last month and up 6.3% from $520 in January 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 January 2020 Selling Price vs List Price of 97.3% was up from 97.2% last month and up from 95.1% in January 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 January 2020 was 106, up 96.3% from 54 last month and down -6.2% from 113 in January of last year.