Prior 12 months property sales increased from 573 in 2015 to 607 in 2016. March 2015 property sales vs March 2016 property sales decreased from 48 to 46 homes sold. Prior 12 months average sales priceincreased 2.8%, from $484,074 in 2015 to $497,712 in 2016. The MarchAverage Sales Price decreased 3.4%, from $481,700 in March 2015 to $465,433 in March 2016. The March 2015 vs. March 2016 median priceincreased 9% from $360,000 to $392,500. The March Average Days on Market (DOM) increased from 121 in March 2015 to 140 in March 2016.
The March 2016 MSI of 9.13 months was at its highest level compared with March 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 March 2016 Selling Price vs. List Price of 94.4% increased 1.3% from 93.2% in March of last year.