February Property sales were 78, up 41.8% from 55 in February of 2019 and 25.8% higher than the 62 sales last month. February 2020 sales were at their highest level compared to February of 2019 and 2018. February YTD sales of 140 are running 17.6% ahead of last year’s year-to-date sales of 119.
The Median Sales Price in February was $1,015,000, up 4.6% from $970,000 in February of 2019 and down -2.6% from $1,042,500 last month. The Average Sales Price in February was $1,175,326, up 3.0% from $1,141,320 in February of 2019 and down -5.5% from $1,243,317 last month. February 2020 ASP was at a mid range compared to February of 2019 and 2018.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of February was 194, up 22.8% from 158 last month and down -19.5% from 241 in February of last year. February 2020 Inventory was at a mid range compared to February 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 February was 35, down -32.7% from 52 days last month and down -43.5% from 62 days in February of last year. The February 2020 DOM was at its lowest level compared with February 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 February 2020 Selling Price per Square Foot of $566 was up 2.4% from $553 last month and up 10.8% from $511 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 2020 Selling Price vs List Price of 98.3% was up from 97.3% last month and up from 96.3% 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 2020 was 101, down -10.6% from 113 last month and down -1.9% from 103 in February of last year.