June Property sales were 130, down -12.2% from 148 in June of 2019 and 58.5% higher than the 82 sales last month. June 2020 sales were at their lowest level compared to June of 2019 and 2018. June YTD sales of 649 are running -14.6% behind last year’s year-to-date sales of 760.
The Median Sales Price in June was $907,500, up 5.2% from $862,500 in June of 2019 and up 9.4% from $829,500 last month. The Average Sales Price in June was $1,011,100, down -3.9% from $1,052,493 in June of 2019 and up 6.0% from $954,198 last month. June 2020 ASP was at a mid range compared to June of 2019 and 2018.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of June was 341, up 11.8% from 305 last month and down -18.8% from 420 in June of last year. June 2020 Inventory was at a mid range compared to June of 2019 and 2018.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2020 MSI of 2.6 months was at a mid range compared with June 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 June was 48, up 45.5% from 33 days last month and up 9.1% from 44 days in June of last year. The June 2020 DOM was at its highest level compared with June 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 June 2020 Selling Price per Square Foot of $565 was up 4.2% from $542 last month and up 9.1% from $518 in June 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 June 2020 Selling Price vs List Price of 96.0% was down from 97.1% last month and down from 97.3% in June 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 June 2020 was 176, down -2.8% from 181 last month and down -13.7% from 204 in June of last year.