July Property sales were 103, up 22.6% from 84 in July of 2018 and -1.9% lower than the 105 sales last month. July 2019 sales were at a mid level compared to July of 2018 and 2017. July YTD sales of 639 are running 0.5% ahead of last year’s year-to-date sales of 636.
The Median Sales Price in July was $990,000, up 6.7% from $927,500 in July of 2018 and down -3.4% from $1,025,000 last month. The Average Sales Price in July was $1,123,661, up 7.6% from $1,044,586 in July of 2018 and down -9.3% from $1,239,491 last month. July 2019 ASP was at highest level compared to July of 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of July was 355, up 25.0% from 284 last month and up 31.5% from 270 in July of last year. July 2019 Inventory was at highest level compared to July of 2018 and 2017. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2019 MSI of 3.4 months was at its highest level compared with July 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 July was 43, equal to 43 days last month and up 87.0% from 23 days in July of last year. The July 2019 DOM was at its highest level compared with July 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 July 2019 Selling Price per Square Foot of $560 was up 3.1% from $543 last month and up 9.2% from $513 in July 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 July 2019 Selling Price vs List Price of 97.8% was up from 97.6% last month and down from 98.7% in July 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 July 2019 was 151, up 5.6% from 143 last month and up 2.0% from 148 in July of last year.