January property sales were 1,079, down 4.3% from 1,128 in January of 2014 and 27.5% lower than the 1,489 sales last month. January 2015 sales were at their lowest level compared to January of 2014 and 2013. January YTD sales of 1,079 are running 4.3% behind last year’s year-to-date sales of 1,128.
The Median Sales Price in January was $175,000, up 9.4% from $160,000 in January of 2014 and down 2.8% from $180,000 last month. The Average Sales Price in January was $223,257, up 7.5% from $207,742 in January of 2014 and down 4.4% from $233,497 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 5,094, up 12.5% from 4,527 last month and down 8.4% from 5,560 in January of last year. January 2015 Inventory was at a mid 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 4.7 months was at a mid 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 65, up 10.2% from 59 days last month and up 18.2% from 55 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 $124 was down 0.3% from $124 last month and up 9.0% from 113 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 97.1% was down from 97.5% last month and down from 98.1% 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.