November property sales were 4,402, down 2.9% from 4,535 in November of 2013 and 19.5% lower than the 5,467 sales last month. November 2014 sales were at their lowest level compared to November of 2013 and 2012. November YTD sales of 61,660 are running 10.9% behind last year’s year-to-date sales of 69,190.
The Median Sales Price in November was $200,000, up 2.8% from $194,580 in November of 2013 and down 2.0% from $204,000 last month. The Average Sales Price in November was $262,367, up 5.9% from $247,840 in November of 2013 and up 0.9% from $260,042 last month. November 2014 ASP was at the highest level compared to November of 2013 and 2012.
Inventory and MSI
The Total Inventory of Properties available for sale as of November was 21,978, up 2.2% from 21,512 last month and up 1.5% from 21,644 in November of last year. November 2014 Inventory was at its highest level compared with November of 2013 and 2012.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2014 MSI of 5.0 months was at its highest level compared with November 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 November was 64, up 3.2% from 62 days last month and up 28.0% from 50 days in November of last year. The November 2014 DOM was at a mid level compared with November 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 November 2014 Selling Price per Square Foot of $125 was up 0.1% from $125 last month and up 3.6% from 121 in November 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 November 2014 Selling Price vs Original List Price of 97.5% was equal to 97.5% last month and down from 97.9% in November 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.