February Property sales were 145, up 15.1% from 126 in February of 2020 and -7.1% lower than the 156 sales last month. February 2021 sales were at their highest level compared to February of 2020 and 2019. February YTD sales of 301 are running 32.6% ahead of last year’s year-to-date sales of 227.
The Median Sales Price in February was $915,000, up 8.5% from $843,000 in February of 2020 and equal to $915,000 last month. The Average Sales Price in February was $1,110,140, up 13.9% from $974,300 in February of 2020 and up 3.7% from $1,070,547 last month. February 2021 ASP was at highest level compared to February of 2020 and 2019.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of February was 254, up 26.4% from 201 last month and down -10.9% from 285 in February of last year. February 2021 Inventory was at the lowest level compared to February of 2020 and 2019. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2021 MSI of 1.8 months was at its lowest level compared with February 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 February was 40, equal to 40 days last month and down -2.4% from 41 days in February of last year. The February 2021 DOM was at its lowest level compared with February 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 February 2021 Selling Price per Square Foot of $581 was down -0.5% from $584 last month and up 7.6% from $540 in February 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 February 2021 Selling Price vs List Price of 99.2% was up from 98.3% last month and up from 98.5% in February 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 February 2021 was 160, down -20.0% from 200 last month and down -15.3% from 189 in February of last year.
WANT MORE TRENDS?