Monthly Market Report
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May Property sales were 911, up 20.2% from 758 in May of 2016 and 13.0% higher than the 806 sales last month. May 2017 sales were at their highest level compared to May of 2016 and 2015. May YTD sales of 3,783 are running 14.3% ahead of last year’s year-to-date sales of 3,309.
The Median Sales Price in May was $421,000, up 1.3% from $415,500 in May of 2016 and up 0.1% from $420,750 last month. The Average Sales Price in May was $535,656, down 1.6% from $544,242 in May of 2016 and down 0.3% from $537,085 last month. May 2017 ASP was at a mid range compared to May of 2016 and 2015.
The Total Inventory of Properties available for sale as of May was 3,350, up 0.8% from 3,323 last month and down 4.9% from 3,521 in May of last year. May 2017 Inventory was at a mid level compared with May of 2016 and 2015.
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 May was 67, down 9.5% from 74 days last month and down 6.9% from 72 days in May of last year. The May 2017 DOM was at its lowest level compared with May of 2016 and 2015.
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 May 2017 Selling Price per Square Foot of $220 was down 1.2% from $223 last month and up 3.4% from 213 in May of last year.
Selling Price (vs) Original Asking Price
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 May 2017 was 947, down 4.9% from 996 last month and down 1.4% from 960 in May of last year.