October Property sales were 214, up 18.2% from 181 in October of 2019 and 10.3% higher than the 194 sales last month. October 2020 sales were at their highest level compared to October of 2019 and 2018. October YTD sales of 1,504 are running -3.0% behind last year’s year-to-date sales of 1,550.
The Median Sales Price in October was $922,500, up 6.0% from $870,000 in October of 2019 and up 1.7% from $907,500 last month. The Average Sales Price in October was $1,113,739, up 12.6% from $989,462 in October of 2019 and up 9.7% from $1,015,550 last month. October 2020 ASP was at highest level compared to October of 2019 and 2018.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of October was 355, up 29.6% from 274 last month and up 1.1% from 351 in October of last year. October 2020 Inventory was at a mid range compared to October 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 October was 41, up 2.5% from 40 days last month and down -25.5% from 55 days in October of last year. The October 2020 DOM was at its lowest level compared with October 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 October 2020 Selling Price per Square Foot of $558 was up 0.5% from $555 last month and up 7.3% from $520 in October 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 October 2020 Selling Price vs List Price of 98.6% was down from 98.8% last month and up from 96.1% in October 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 October 2020 was 207, down -2.4% from 212 last month and up 35.3% from 153 in October of last year.