May Property sales were 108, down -9.2% from 119 in May of 2018 and 40.3% higher than the 77 sales last month. May 2019 sales were at a mid level compared to May of 2018 and 2017. May YTD sales of 350 are running -12.1% behind last year's year-to-date sales of 398.
The Median Sales Price in May was $230,758, up 8.1% from $213,500 in May of 2018 and up 2.6% from $225,000 last month. The Average Sales Price in May was $253,323, up 13.5% from $223,141 in May of 2018 and up 4.6% from $242,122 last month. May 2019 ASP was at highest level compared to May of 2018 and 2017.
Inventory & MSI
The Total Inventory of Properties available for sale as of May was 209, up 18.1% from 177 last month and up 5.0% from 199 in May of last year. May 2019 Inventory was at a mid range compared to May of 2018 and 2017.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2019 MSI of 1.9 months was at a mid range compared with May 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 May was 53, down -13.1% from 61 days last month and down -45.9% from 98 days in May of last year. The May 2019 DOM was at its lowest level compared with May 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 May 2019 Selling Price per Square Foot of $114 was up 2.7% from $111 last month and up 9.6% from $104 in May 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 May 2019 Selling Price vs List Price of 98.8% was up from 98.4% last month and up from 98.1% in May 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 May 2019 was 129, up 19.4% from 108 last month and up 24.0% from 104 in May of last year.
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