November property sales were 114, up 4.6% from 109 in November of 2013 and 5.0% lower than the 120 sales last month. November 2014 sales were at a mid level compared to November of 2013 and 2012. November YTD sales of 1,400 are running 14.9% behind last year’s year-to-date sales of 1,645.
The Median Sales Price in November was $236,950, up 28.1% from $185,000 in November of 2013 and up 17.5% from $201,700 last month. The Average Sales Price in November was $258,865, up 19.7% from $216,201 in November of 2013 and up 7.8% from $240,028 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 793, up 0.5% from 789 last month and down 11.0% from 891 in November of last year. November 2014 Inventory was at its lowest 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 7.0 months was at its lowest 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 88, up 2.3% from 86 days last month and up 20.5% from 73 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 $151 was up 13.0% from $133 last month and up 21.8% from 124 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 97.2% was up from 96.4% last month and up from 96.5% 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.