Property sales were 37, up 15.6% from 32 in 2018 and 48.0% higher than the 25 sales last month. 2019 sales were at their highest level compared to 2018 and 2017. YTD sales of 115 are running 5.5% ahead last year’s year-to-date sales of 109.
The Median Sales Price was $1,300,000, down -8.6% from $1,422,500 in 2018 and down -1.9% from $1,325,500 last month. The Average Sales Price was $1,540,281, down -12.8% from $1,767,282 in 2018 and down -7.7% from $1,668,720 last month. ASP was at the lowest level compared to 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale was 201, up 28.8% from 156 last month and up 64.8% from 122 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 5.4 months was at mid range 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 46, up 15% from 40 days last month and down 59 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 $529 was down -3.3% from $547 last month and down -13.3% from $610 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 96.8% was down from 98.3% last month and up from 95.3% 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 82, up 30.2% from 63 last month and up 39.0% from 59 last year.