May Property sales were 127, up 0.8% from 126 in May of 2018 and 27.0% higher than the 100 sales last month. May 2019 sales were at their highest level compared to May of 2018 and 2017. May YTD sales of 429 are running -3.8% behind last year’s year-to-date sales of 446.
The Median Sales Price in May was $939,000, up 4.7% from $896,450 in May of 2018 and up 2.8% from $913,000 last month. The Average Sales Price in May was $1,094,658, down -3.3% from $1,132,024 in May of 2018 and up 1.5% from $1,078,893 last month. May 2019 ASP was at a mid range compared to May of 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of May was 327, up 26.7% from 258 last month and up 72.1% from 190 in May of last year. May 2019 Inventory was at highest level compared to May of 2018 and 2017. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2019 MSI of 2.6 months was at its highest level compared with May of 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 for May was 44, up 18.9% from 37 days last month and up 33.3% from 33 days in May of last year. The May 2019 DOM was at its highest level compared with May of 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 May 2019 Selling Price per Square Foot of $529 was up 2.1% from $518 last month and down -1.3% from $536 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 2019 Selling Price vs List Price of 97.5% was down from 98.2% last month and down from 99.1% 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 2019 was 157, up 3.3% from 152 last month and up 12.9% from 139 in May of last year.