Property Type: Single Family Home, Townhome, Condo | Price $0 to $999,999,000
April property sales were 203, up from 163 in April of 2015 and 59.8% higher than the 127 sales last month. April 2016 sales were at their highest level compared to April of 2015 and 2014. April YTD sales of 550 are running 5.6% ahead of last year’s year-to-date sales of 521.
The median sales price in April was $235,000, up 0.4% from $234,000 in April of 2015 and up 4.4% from $225,000 last month. The average sales price in April was $272,271, down 0.0% from $272,345 in April of 2015 and up 4.9% from $259,542 last month. April 2016 ASP was at a mid range compared to April of 2015 and 2014.
Inventory & MSI
The total inventory of properties available for sale as of April was 1,471, down -1.4% from 1,492 last month and down -14.7% from 1,724 in April of last year. April 2016 Inventory was at the lowest level compared to April of 2015 and 2014.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2016 MSI of 7.2 months was at its lowest level compared with April of 2015 and 2014.
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 April was 154, down from 167 days last month and down from 163 days in April of last year. The April 2016 DOM was at a mid range compared with April of 2015 and 2014.
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 April 2016 selling price per square foot of $189 was down -1.0% from $191 last month and down -5.5% from $200 in April 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 April 2016 selling price vs list price of 95.6% was down from 96.4% last month and up from 94.6% in April 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 April 2016 was 283, down -8.7% from 310 last month and down -14.5% from 331 in April of last year.