May Property sales were 224, up 148.9% from 90 in May of 2020 and 4.7% higher than the 214 sales last month. May 2021 sales were at their highest level compared to May of 2020 and 2019. May YTD sales of 953 are running 65.7% ahead of last year’s year-to-date sales of 575.
The Median Sales Price in May was $949,000, up 16.4% from $815,000 in May of 2020 and down -4.4% from $992,500 last month. The Average Sales Price in May was $1,122,952, up 21.8% from $922,131 in May of 2020 and down -1.5% from $1,140,364 last month. May 2021 ASP was at highest level compared to May of 2020 and 2019.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of May was 259, up 30.8% from 198 last month and down -24.3% from 342 in May of last year. May 2021 Inventory was at the lowest level compared to May of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2021 MSI of 1.2 months was at its lowest level compared with May 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 May was 26, down -7.1% from 28 days last month and down -18.8% from 32 days in May of last year. The May 2021 DOM was at its lowest level compared with May 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 May 2021 Selling Price per Square Foot of $618 was up 1.6% from $608 last month and up 15.9% from $533 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 2021 Selling Price vs List Price of 101.1% was up from 100.6% last month and up from 97.2% 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 2021 was 171, down -21.6% from 218 last month and down -14.1% from 199 in May of last year.
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