MARKET ACTION REPORT
Real Estate Broker
Property Type: Single Family Home, Townhome, Condo | Price $0.00 to $999,999,000.00
* LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date
December Property sales were 4,450, down -5.0% from 4,684 in December of 2015 and -0.9% lower than the 4,491 sales last month. December 2016 sales were at their lowest level compared to December of 2015 and 2014. December YTD sales of 62,941 are running 3.6% ahead of last year's year-to-date sales of 60,781.
The Median Sales Price in December was $217,650, up 8.0% from $201,500 in December of 2015 and down -0.2% from $218,000 last month. The Average Sales Price in December was $300,370, up 4.0% from $288,753 in December of 2015 and up 4.4% from $287,812 last month. December 2016 ASP was at highest level compared to December of 2015 and 2014.
Inventory & MSI
The Total Inventory of Properties available for sale as of December was 14,749, down -21.0% from 18,664 last month and down -22.0% from 18,901 in December of last year. December 2016 Inventory was at the lowest level compared to December of 2015 and 2014.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2016 MSI of 3.3 months was at its lowest level compared with December 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 December was 53, up 6.0% from 50 days last month and down -11.7% from 60 days in December of last year. The December 2016 DOM was at its lowest level compared with December 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 December 2016 Selling Price per Square Foot of $169 was up 2.4% from $165 last month and up 7.0% from $158 in December 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 December 2016 Selling Price vs List Price of 97.0% was equal to 97.0% last month and up from 96.7% in December 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 December 2016 was 3990, down -33.6% from 6,011 last month and down -6.1% from 4,249 in December of last year.