Property sales were 25, down -16.7% from 30 in 2018 and -3.8% lower than the 26 sales last month. 2019 sales were at their lowest level compared to 2018 and 2017. YTD sales of 78 are running 1.3% ahead last year’s year-to-date sales of 77.
The Median Sales Price was $1,325,000, down -8.3% from $1,445,000 in 2018 and up 5.8% from $1,252,500 last month. The Average Sales Price was $1,668,720, up 2.2% from $1,632,967 in 2018 and up 9.4% from $1,524,812 last month. ASP was at highest level compared to 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale was 167, up 10.6% from 151 last month and up 49.1% from 112 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 6.7 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 40, down -54.0% from 87 days last month and equal to 40 days last year. The DOM was at its lowest 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 $547 was down -0.2% from $548 last month and down -7.4% from $591 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 98.3% was up from 95.9% last month and up from 97.8% 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 58, up 38.1% from 42 last month and down -13.4% from 67 last year.