October Property sales were 114, up 34.1% from 85 in October of 2018 and -4.2% lower than the 119 sales last month. October 2019 sales were at their highest level compared to October of 2018 and 2017. October YTD sales of 985 are running 6.3% ahead of last year’s year-to-date sales of 927.
The Median Sales Price in October was $953,500, down -1.7% from $970,000 in October of 2018 and down -0.1% from $954,900 last month. The Average Sales Price in October was $1,199,822, up 4.6% from $1,147,072 in October of 2018 and up 1.1% from $1,186,994 last month. October 2019 ASP was at highest level compared to October of 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of October was 267, up 5.1% from 254 last month and down -8.6% from 292 in October of last year. October 2019 Inventory was at a mid range compared to October of 2018 and 2017. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2019 MSI of 2.3 months was at a mid range compared with October 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 October was 53, up 23.3% from 43 days last month and up 20.5% from 44 days in October of last year. The October 2019 DOM was at its highest level compared with October 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 October 2019 Selling Price per Square Foot of $545 was up 1.5% from $537 last month and up 7.5% from $507 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 2019 Selling Price vs List Price of 95.7% was down from 96.5% last month and down from 96.0% 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 2019 was 83, down -30.8% from 120 last month and down -35.2% from 128 in October of last year.
WANT MORE TRENDS?