March Property sales were 92, up 10.8% from 83 in March of 2019 and 12.2% higher than the 82 sales last month. March 2020 sales were at a mid level compared to March of 2019 and 2018. March YTD sales of 236 are running 16.8% ahead of last year’s year-to-date sales of 202.
The Median Sales Price in March was $1,075,000, up 27.2% from $845,000 in March of 2019 and up 5.9% from $1,015,000 last month. The Average Sales Price in March was $1,155,798, up 10.5% from $1,046,047 in March of 2019 and down -1.8% from $1,176,493 last month. March 2020 ASP was at highest level compared to March of 2019 and 2018.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of March was 176, up 4.8% from 168 last month and down -30.2% from 252 in March of last year. March 2020 Inventory was at the lowest level compared to March of 2019 and 2018. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2020 MSI of 1.9 months was at a mid range compared with March 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 March was 42, up 10.5% from 38 days last month and down -8.7% from 46 days in March of last year. The March 2020 DOM was at a mid range compared with March 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 March 2020 Selling Price per Square Foot of $542 was down -3.6% from $562 last month and up 6.5% from $509 in March 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 March 2020 Selling Price vs List Price of 98.6% was up from 98.2% last month and up from 97.8% in March 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 March 2020 was 99, down -12.4% from 113 last month and down -35.3% from 153 in March of last year.