The Median Sales Price in March was $205,000, down -5.0% from $215,750 in March of 2018 and down -9.1% from $225,500 last month. The Average Sales Price in March was $218,741, down -7.3% from $236,016 in March of 2018 and down -5.2% from $230,623 last month. March 2019 ASP was at a mid range compared to March of 2018 and 2017.
Inventory & MSI
The Total Inventory of Properties available for sale as of March was 188, down -4.1% from 196 last month and down -25.7% from 253 in March of last year. March 2019 Inventory was at the lowest level compared to March of 2018 and 2017.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2019 MSI of 2.7 months was at its lowest level compared with March 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 March was 51, down -15.0% from 60 days last month and down -49.5% from 101 days in March of last year. The March 2019 DOM was at its lowest level compared with March 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 March 2019 Selling Price per Square Foot of $111 was up 3.7% from $107 last month and up 5.7% from $105 in March 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 March 2019 Selling Price vs List Price of 98.2% was up from 97.4% last month and up from 97.5% in March 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 March 2019 was 100, up 7.5% from 93 last month and up 1.0% from 99 in March of last year.
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