Prior 12 months property sales decreased from 607 in 2016 to 597 in 2017. March 2016 property sales vs March 2017 property sales increased from 46 to 48 homes sold. Prior 12 months average sales price increased 7.2%, from $497,712 in 2016 to $533,784 in 2017. The March Average Sales Price increased 11.7%, from $465,433 in March 2016 to $520,096 in March 2017. The March 2016 vs. March 2017 median price increased 16.2% from $392,500 to $456,200. The March Average Days on Market (DOM) decreased from 140 in March 2016 to 97 in March 2017.
The March 2017 MSI of 7.93 months was at its highest level compared with March of 2016. 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 2017 Selling Price vs. List Price of 95.7% increased 1.4% from 94.4% in March of last year.