Prior 12 months property sales decreased from 608 in 2015 to 590 in 2016. August 2015 property sales vs August 2016 property sales increased from64 to 72 homes sold. Prior 12 months average sales price increased 6.1%, from $495,630 in 2015 to $525,950 in 2016. The August Average Sales Price decreased 2.7%, from $544,643 in August 2015 to $530,204 in August 2016. The August 2015 vs. August 2016 median price decreased 2.9% from $442,500 to $429,500. The August Average Days on Market (DOM) decreased from 82 in August 2015 to 81 in August 2016.
The August 2016 MSI of 4.14 months was at its lowest level compared with August 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 August 2016 Selling Price vs. List Price of94.7% increased .2% from 94.5% in August of last year.