Prior 12 months property sales decreased from 604 in 2015 to 585 in 2016. December 2015 property sales vs December 2016 property sales decreased from 44 to 38 homes sold. Prior 12 months average sales price increased 7.6%, from $498,671 in 2015 to $536,784 in 2016. The December Average Sales Price increased 13.6%, from $460,055 in December 2015 to $522,401 in December 2016. The December 2015 vs. December 2016 median price increased 13.5% from $355,625 to $403,500. The December Average Days on Market (DOM) decreased from 120 in December 2015 to 93 in December 2016.
The December 2016 MSI of 4.73 months was at its highest level compared with December 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 December 2016 Selling Price vs. List Price of 93.8% increased 1% from 92.8% in December of last year.