July Property sales were 166, up 0.6% from 165 in July of 2019 and 27.7% higher than the 130 sales last month. July 2020 sales were at their highest level
compared to July of 2019 and 2018. July YTD sales of 815 are running -11.9% behind last year’s year-to-date sales of 925.
The Median Sales Price in July was $875,000, up 5.0% from $833,000 in July of 2019 and down -3.6% from $907,500 last month. The Average Sales Price in
July was $1,009,759, up 8.4% from $931,585 in July of 2019 and down -0.1% from $1,011,100 last month. July 2020 ASP was at highest level compared to
July of 2019 and 2018.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of July was 357, up 22.7% from 291 last month and down -17.7% from 434 in July of last year. July
2020 Inventory was at the lowest level compared to July of 2019 and 2018.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2020 MSI of 2.2 months was at its lowest level
compared with July 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 July was 46, down -4.2% from 48 days
last month and equal to 46 days in July of last year. The July 2020 DOM was at a mid range compared with July 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 July 2020 Selling Price per Square Foot of $535 was down -5.3% from $565 last month and up 2.1% from $524 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 2020 Selling Price vs List Price of 97.2% was up
from 96.0% last month and down from 97.5% 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 2020 was 186, up 2.8% from 181 last month and
down -21.8% from 238 in July of last year.