January property sales were 790, down 12.5% from 903 in January of 2014 and 29.1% lower than the 1,114 sales last month. January 2015 sales were at their lowest level compared to January of 2014 and 2013. January YTD sales of 790 are running 12.5% behind last year’s year-to-date sales of 903.
The Median Sales Price in January was $165,000, up 1.5% from $162,500 in January of 2014 and equal to $165,000 last month. The Average Sales Price in January was $201,939, up 0.3% from $201,327 in January of 2014 and down 0.4% from $202,829 last month. January 2015 ASP was at the highest level compared to January of 2014 and 2013.
Inventory and MSI
The Total Inventory of Properties available for sale as of January was 6,348, down 0.5% from 6,379 last month and down 10.3% from 7,080 in January of last year. January 2015 Inventory was at its lowest level compared with January of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2015 MSI of 8.0 months was at its highest level compared with January of 2014 and 2013.
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 January was 99, up 8.8% from 91 days last month and up 7.6% from 92 days in January of last year. The January 2015 DOM was at a mid level compared with January of 2014 and 2013.
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 January 2015 Selling Price per Square Foot of $110 was up 1.3% from $108 last month and up 2.8% from 107 in January 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 January 2015 Selling Price vs Original List Price of 96.8% was down from 97.1% last month and down from 97.2% in January 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.