March Property sales were 204, up 30.8% from 156 in March of 2020 and 39.7% higher than the 146 sales last month. March 2021 sales were at their highest level compared to March of 2020 and 2019. March YTD sales of 506 are running 32.1% ahead of last year’s year-to-date sales of 383.
The Median Sales Price in March was $923,000, up 4.0% from $887,500 in March of 2020 and up 1.2% from $912,500 last month. The Average Sales Price in March was $1,090,414, up 13.6% from $959,515 in March of 2020 and down -1.6% from $1,108,084 last month. March 2021 ASP was at highest level compared to March of 2020 and 2019.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of March was 261, up 35.9% from 192 last month and down -20.4% from 328 in March of last year. March 2021 Inventory was at the lowest level compared to March of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2021 MSI of 1.3 months was at its lowest level compared with March 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 March was 26, down -35.0% from 40 days last month and down -35.0% from 40 days in March of last year. The March 2021 DOM was at its lowest level compared with March 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 March 2021 Selling Price per Square Foot of $605 was up 4.1% from $581 last month and up 13.3% from $534 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 2021 Selling Price vs List Price of 100.9% was up from 99.2% last month and up from 98.4% 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 2021 was 210, up 8.8% from 193 last month and up 18.0% from 178 in March of last year.
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