Property sales were 86, down -18.1% from 105 in 2017 and -12.2% lower than the 98 sales last month. 2018 sales were at their lowest level compared to 2017 and 2016. YTD sales of 925 are running -11.5% behind last year’s year-to-date sales of 1,045.
The Median Sales Price was $960,000, up 9.5% from $877,000 in 2017 and up 5.3% from $911,250 last month. The Average Sales Price was $1,139,838, up 7.3% from $1,062,114 in 2017 and down -5.4% from $1,204,314 last month. ASP was at highest level compared to 2017 and 2016.
INVENTORY & MSI
The Total Inventory of Properties available for sale was 325, up 10.2% from 295 last month and up 82.6% from 178 of last year. Inventory was at highest level compared to 2017 and 2016. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. MSI of 3.8 months was at its highest level compared with 2017 and 2016.
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 was 43, down -12.2% from 49 days last month and down -2.3% from 44 days last year. The DOM was at its lowest level compared with 2017 and 2016.
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 Selling Price per Square Foot of $509 was down -5.6% from $539 last month and up 2.0% from $499 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 Selling Price vs List Price of 96.1% was equal to 96.1% last month and down from 97.5% of last year.
INVENTORY / NEW LISTINGS / SALES
The market combines monthly inventory of Properties for sale along with New Listings and Sales. This shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings this time in 2018 was 129, up 5.7% from 122 last month and up 20.6% from 107 last year.