October property sales were 1,060, down 7.3% from 1,144 in October of 2013 and 1.9% lower than the 1,080 sales last month. October 2014 sales were at their lowest level compared to October of 2013 and 2012. October YTD sales of 11,706 are running 8.2% behind last year’s year-to-date sales of 12,757.
The Median Sales Price in October was $169,695, up 6.8% from $158,950 in October of 2013 and up 0.8% from $168,392 last month. The Average Sales Price in October was $211,951, up 8.1% from $196,038 in October of 2013 and up 3.4% from $205,044 last month. October 2014 ASP was at the highest level compared to October of 2013 and 2012.
Inventory and MSI
The Total Inventory of Properties available for sale as of October was 5,978, down 6.7% from 6,406 last month and down 6.5% from 6,392 in October of last year. October 2014 Inventory was at its lowest level compared with October of 2013 and 2012.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2014 MSI of 5.6 months was at its highest level compared with October of 2013 and 2012.
The average Days On Market (DOM) shows how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for October was 97, up 6.6% from 91 days last month and up 14.1% from 85 days in October of last year. The October 2014 DOM was at a mid level compared with October of 2013 and 2012.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The October 2014 Selling Price per Square Foot of $111 was up 2.3% from $108 last month and up 7.0% from 103 in October of last year.
Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original 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 2014 Selling Price vs Original List Price of 97.0% was down from 97.4% last month and down from 97.6% in October of last year.
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Copyright © Coldwell Banker Residential Brokerage – Data is provided courtesy of Arizona Regional Multiple Listing Service, Inc.; Tucson Association of Realtors and Prescott Area Association of Realtors and may not reflect all relevant real estate activity. Coldwell Banker Residential Brokerage does not guarantee the accuracy of this information. It is the responsibility of any buyer or seller to verify any and all information relevant to such consumer’s real estate transaction.