February Property sales were 682, down 7.7% from 739 in February of 2014 and 14.2% higher than the 597 sales last month. February 2015 sales were at their lowest level compared to February of 2014 and 2013. February YTD sales of 1,279 are running 6.6% behind last year’s year-to-date sales of 1,369.
The Median Sales Price in February was $162,200, up 4.6% from $155,000 in February of 2014 and up 4.6% from $155,000 last month. The Average Sales Price in February was $207,457, up 5.6% from $196,463 in February of 2014 and up 8.2% from $191,776 last month. February 2015 ASP was at the highest level compared to February of 2014 and 2013.
Inventory and MSI
The Total Inventory of Properties available for sale as of February was 4,230, down 8.8% from 4,637 last month and down 13.8% from 4,906 in February of last year. February 2015 Inventory was at its lowest level compared with February of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2015 MSI of 6.2 months was at a mid level compared with February 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 February was 97, down 2.0% from 99 days last month and up 11.5% from 87 days in February of last year. The February 2015 DOM was at a mid level compared with February 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 February 2015 Selling Price per Square Foot of $112 was up 5.2% from $107 last month and up 6.6% from 105 in February 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 February 2015 Selling Price vs Original List Price of 97.2% was up from 96.8% last month and down from 97.5% in February 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.