November Property sales were 176, up 21.4% from 145 in November of 2019 and -18.5% lower than the 216 sales last month. November 2020 sales were at their highest level compared to November of 2019 and 2018. November YTD sales of 1,681 are running -0.8% behind last year’s year-to-date sales of 1,695.
The Median Sales Price in November was $881,500, up 10.9% from $795,000 in November of 2019 and down -3.9% from $917,500 last month. The Average Sales Price in November was $1,013,207, up 9.6% from $924,811 in November of 2019 and down -4.1% from $1,056,829 last month. November 2020 ASP was at highest level compared to November of 2019 and 2018.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of November was 298, up 8.0% from 276 last month and up 0.3% from 297 in November of last year. November 2020 Inventory was at a mid range compared to November of 2019 and 2018. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2020 MSI of 1.7 months was at its lowest level compared with November 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 November was 29, down -31.0% from 42 days last month and down -47.5% from 55 days in November of last year. The November 2020 DOM was at its lowest level compared with November 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 November 2020 Selling Price per Square Foot of $581 was up 9.2% from $532 last month and up 11.7% from $520 in November 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 November 2020 Selling Price vs List Price of 99.4% was up from 98.5% last month and up from 96.4% in November 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 November 2020 was 137, down -37.7% from 220 last month and up 3.0% from 113 in November of last year.
WANT MORE TRENDS?