August Property sales were 196, up 5.9% from 185 in August of 2019 and 7.7% higher than the 182 sales last month. August 2020 sales were at their highest level compared to August of 2019 and 2018. August YTD sales of 1,096 are running -7.3% behind last year’s year-to-date sales of 1,182.
The Median Sales Price in August was $877,500, up 11.8% from $785,000 in August of 2019 and up 3.2% from $850,000 last month. The Average Sales Price in August was $1,065,475, up 21.7% from $875,384 in August of 2019 and up 8.3% from $983,566 last month. August 2020 ASP was at highest level compared to August of 2019 and 2018.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of August was 377, up 21.6% from 310 last month and down -11.3% from 425 in August of last year.
August 2020 Inventory was at the lowest level compared to August of 2019 and 2018. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2020 MSI of 1.9 months was at its lowest level compared with August 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 August was 41, down -10.9% from 46 days last month and down -4.7% from 43 days in August of last year. The August 2020 DOM was at a mid range compared with August 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 August 2020 Selling Price per Square Foot of $550 was up 3.6% from $531 last month and up 6.0% from $519 in August 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 August 2020 Selling Price vs List Price of 98.7% was up from 97.4% last month and up from 97.2% in August 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 August 2020 was 211, down -9.1% from 232 last month and up 7.7% from 196 in August of last year.