May Property sales were 78, down -56.2% from 178 in May of 2019 and -17.0% lower than the 94 sales last month. May 2020 sales were at their lowest level
compared to May of 2019 and 2018. May YTD sales of 515 are running -15.8% behind last year’s year-to-date sales of 612.
The Median Sales Price in May was $824,500, down -1.5% from $837,000 in May of 2019 and down -6.1% from $878,000 last month. The Average Sales Price in May was $945,939, up 0.4% from $941,953 in May of 2019 and down -4.1% from $986,601 last month. May 2020 ASP was at highest level compared to May of 2019 and 2018.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of May was 370, up 27.1% from 291 last month and down -9.5% from 409 in May of last year. May 2020 Inventory was at a mid range compared to May 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 May was 34, up 17.2% from 29 days last month and down -24.4% from 45 days in May of last year. The May 2020 DOM was at its lowest level compared with May 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 May 2020 Selling Price per Square Foot of $540 was up 1.7% from $531 last month and up 5.9% from $510 in May 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 May 2020 Selling Price vs List Price of 97.1% was down from 98.1% last month and down from 97.4% in May 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 May 2020 was 165, up 52.8% from 108 last month and down -31.3% from 240 in May of last year.