The Median Sales Price in July was $510,000, equal to $510,000 in July of 2018 and up 0.8% from $506,000 last month. The Average Sales Price in July was $539,483, up 0.3% from $537,967 in July of 2018 and up 2.8% from $524,888 last month. July 2019 ASP was at highest level compared to July of 2018 and 2017.
The Median Sales Price in June was $506,250, down -0.2% from $507,500 in June of 2018 and up 1.3% from $500,000 last month. The Average Sales Price in June was $525,635, down -0.9% from $530,583 in June of 2018 and down -3.0% from $541,917 last month. June 2019 ASP was at a mid range compared to June of 2018 and 2017.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of July was 600, up 10.1% from 545 last month and up 18.6% from 506 in July of last year. July 2019 Inventory was at highest level compared to July of 2018 and 2017. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2019 MSI of 3.6 months was at its highest level compared with July 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 July was 38, down -13.6% from 44 days last month and down -9.5% from 42 days in July of last year. The July 2019 DOM was at a mid range compared with July 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 July 2019 Selling Price per Square Foot of $261 was up 1.6% from $257 last month and up 3.2% from $253 in July 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 July 2019 Selling Price vs List Price of 98.4% was equal to 98.4% last month and up from 98.2% in July 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 July 2019 was 232, down -13.1% from 267 last month and down -5.3% from 245 in July of last year.