March property sales were 359, up 14.3% from 314 in March of 2014 and 24.7% higher than the 288 sales last month. March 2015 sales were at their highest level compared to March of 2014 and 2013. March YTD sales of 863 are running 11.4% ahead of last year’s year-to-date sales of 775.
The Median Sales Price in March was $166,880, up 5.5% from $158,250 in March of 2014 and up 4.3% from $160,000 last month. The Average Sales Price in March was $198,828, up 6.5% from $186,664 in March of 2014 and up 8.7% from $182,994 last month. March 2015 ASP was at the highest level compared to March of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of March was 1,706, down 55.8% from 3,858 last month and down 45.1% from 3,106 in March of last year. March 2015 Inventory was at its lowest level compared with March of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2015 MSI of 4.8 months was at its lowest level compared with March 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 March was 99, up 5.3% from 94 days last month and up 16.5% from 85 days in March of last year. The March 2015 DOM was at a mid level compared with March 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 March 2015 Selling Price per Square Foot of $114 was up 4.5% from $109 last month and up 7.0% from 107 in March of last year.
Selling Price vs Original List 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 March 2015 Selling Price vs Original List Price of 96.7% was up from 96.2% last month and up from 95.5% in March 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.