September Property sales were 194, up 3.7% from 187 in September of 2019 and -1.0% lower than the 196 sales last month. September 2020 sales were at their highest level compared to September of 2019 and 2018. September YTD sales of 1,290 are running -5.8% behind last year’s year-to-date sales of 1,369.
The Median Sales Price in September was $907,500, up 13.4% from $800,000 in September of 2019 and up 3.4% from $877,500 last month. The Average Sales Price in September was $1,015,550, up 5.0% from $967,526 in September of 2019 and up 3.7% from $979,330 last month. September 2020 ASP was at highest level compared to September of 2019 and 2018.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of September was 329, up 18.3% from 278 last month and down -15.9% from 391 in September of last year. September 2020 Inventory was at the lowest level compared to September of 2019 and 2018. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2020 MSI of 1.7 months was at its lowest level compared with September 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 September was 40, down -2.4% from 41 days last month and down -11.1% from 45 days in September of last year. The September 2020 DOM was at its lowest level compared with September 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 September 2020 Selling Price per Square Foot of $555 was up 5.3% from $527 last month and up 5.7% from $525 in September 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 September 2020 Selling Price vs List Price of 98.8% was up from 98.7% last month and up from 96.5% in September 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 September 2020 was 200, down -8.3% from 218 last month and up 7.0% from 187 in September of last year.