Prior 12 months property sales decreased from 601 in 2015 to 582 in 2016. July 2015 property sales vs July 2016 property sales decreased from 70 to 65 homes sold. Prior 12 months average sales price increased 6.3%, from $496,084 in 2015 to $527,480 in 2016. The July Average Sales Price increased 24.2%, from $520,037 in July 2015 to $645,888 in July 2016. The July 2015 vs. July2016 median price increased 44.6% from $415,000 to $600,000. The July Average Days on Market (DOM) increased from 80 in July 2015 to 113 in July 2016.
The July 2016 MSI of 4.44 months was at its lowest level compared with July of 2015. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. Remember, 5.5 months is considered a “balanced” market by most.
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 July2016 Selling Price vs. List Price of 95.3% increased .5% from 94.8% in July of last year.