Property sales were 26, down -16.1% from 31 in 2018 and -3.7% lower than the 27 sales last month. 2019 sales were at mid level compared to 2018 and 2017. YTD sales of 53 are running 12.8% ahead last year’s year-to-date sales of 47.
The Median Sales Price was $1,252,500, down -16.2% from $1,495,000 in 2018 and up 1.8% from $1,230,000 last month. The Average Sales Price was $1,524,812, down -10.8% from $1,708,895 in 2018 and up 1.8% from $1,230,000 last month. ASP was at mid range compared to 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale was 164, up 18.8% from 138 last month and up 67.3% from 98 of last year. Inventory was at highest level compared to 2018 and 2017. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. MSI of 6.3 months was at its highest level compared with 2018 and 2017.
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 87, up 24.3% from 70 days last month and up 58.2% from 55 days last year. The DOM was at its highest level compared with 2018 and 2017.
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 $548 was up 3.8% from $528 last month and up 1.1% from $542 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 95.9% was up from 95.3% last month and equal to 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 2019 was 42, down -25.0% from 56 last month and down -8.7% from 46 last year.