January Property sales were 152, up 50.5% from 101 in January of 2020 and -10.1% lower than the 169 sales last month. January 2021 sales were at their highest level compared to January of 2020 and 2019. January YTD sales of 152 are running 50.5% ahead of last year’s year-to-date sales of 101.
The Median Sales Price in January was $896,000, up 16.4% from $770,000 in January of 2020 and up 0.7% from $890,000 last month. The Average Sales Price in January was $1,063,707, up 10.8% from $960,003 in January of 2020 and up 0.2% from $1,061,927 last month. January 2021 ASP was at highest level compared to January of 2020 and 2019.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of January was 258, up 40.2% from 184 last month and down -3.0% from 266 in January of last year. January 2021 Inventory was at the lowest level compared to January 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 January was 40, up 5.3% from 38 days last month and down -23.1% from 52 days in January of last year. The January 2021 DOM was at its lowest level compared with January 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 January 2021 Selling Price per Square Foot of $583 was up 5.0% from $555 last month and up 11.5% from $523 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 2021 Selling Price vs List Price of 98.3% was down from 98.5% last month and up from 97.4% 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 2021 was 168, up 43.6% from 117 last month and down -14.7% from 197 in January of last year.
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