December property sales were 783, down 3.0% from 807 in December of 2013 and 9.7% higher than the 714 sales last month. December 2014 sales were at a mid level compared to December of 2013 and 2012. December YTD sales of 10,096 are running 7.6% behind last year’s year-to-date sales of 10,924.
The Median Sales Price in December was $158,000, up 3.9% from $152,000 in December of 2013 and down 2.2% from $161,500 last month. The Average Sales Price in December was $203,568, up 1.7% from $200,104 in December of 2013 and down 1.0% from $205,529 last month. December 2014 ASP was at the highest level compared to December of 2013 and 2012.
Inventory and MSI
The Total Inventory of Properties available for sale as of December was 3,885, down 15.7% from 4,606 last month and down 9.0% from 4,267 in December of last year. December 2014 Inventory was at its lowest level compared with December of 2013 and 2012.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2014 MSI of 5.0 months was at its lowest level compared with December 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 December was 89, up 4.7% from 85 days last month and up 9.9% from 81 days in December of last year. The December 2014 DOM was at a mid level compared with December 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 December 2014 Selling Price per Square Foot of $110 was up 2.0% from $108 last month and up 3.7% from 106 in December 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 December 2014 Selling Price vs Original List Price of 97.1% was down from 97.6% last month and down from 97.6% in December 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.