August Property sales were 102, down -5.6% from 108 in August of 2018 and -9.7% lower than the 113 sales last month. August 2019 sales were at their lowest level compared to August of 2018 and 2017. August YTD sales of 751 are running 0.9% ahead of last year’s year-to-date sales of 744.
The Median Sales Price in August was $913,500, down -0.1% from $914,000 in August of 2018 and down -7.3% from $985,000 last month. The Average Sales Price in August was $1,082,822, up 1.0% from $1,072,096 in August of 2018 and down -3.0% from $1,116,283 last month. August 2019 ASP was at highest level compared to August of 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of August was 352, up 11.0% from 317 last month and up 31.3% from 268 in August of last year. August 2019 Inventory was at highest level compared to August of 2018 and 2017. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2019 MSI of 3.5 months was at its highest level compared with August 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 August was 38, down -13.6% from 44 days last month and down -5.0% from 40 days in August of last year. The August 2019 DOM was at its lowest level compared with August 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 August 2019 Selling Price per Square Foot of $532 was down -3.8% from $553 last month and up 3.3% from $515 in August 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 August 2019 Selling Price vs List Price of 97.0% was down from 97.7% last month and down from 97.2% in August 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 August 2019 was 123, down -28.9% from 173 last month and down -14.6% from 144 in August of last year.