Prior 12 months property sales decreased from 623 in 2015 to 588 in 2016. October 2015 property sales vs October 2016 property sales decreased from 42 to 37 homes sold. Prior 12 months average sales price increased 7.9%, from $494,309 in 2015 to $533,414 in 2016. The October Average Sales Price increased 15.1%, from $448,751 in October 2015 to $516,961 in October 2016. The October 2015 vs. October 2016 median price increased 0.6% from $397,450 to $400,000. The October Average Days on Market (DOM) decreased from 125 in October 2015 to 102 in October 2016.
The October 2016 MSI of 4.9 months was at its lowest level compared with October 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 October 2016 Selling Price vs. List Price of 91.8% decreased 1.8% from 93.5% in October of last year.