April property sales were 7,334, up 9.1% from 6,724 in April of 2014 and 6.3% higher than the 6,902 sales last month. April 2015 sales were at a mid level compared to April of 2014 and 2013. April YTD sales of 23,405 are running 8.9% ahead of last year’s year-to-date sales of 21,497.
The Median Sales Price in April was $214,000, up 7.0% from $200,000 in April of 2014 and up 0.9% from $212,000 last month. The Average Sales Price in April was $278,943, up 5.1% from $265,369 in April of 2014 and up 3.4% from $269,813 last month. April 2015 ASP was at the highest level compared to April of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of April was 20,950, up 5.0% from 19,958 last month and down 11.2% from 23,594 in April of last year. April 2015 Inventory was at a mid level compared with April of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2015 MSI of 2.9 months was at a mid level compared with April 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 April was 58, down 13.4% from 67 days last month and down 4.9% from 61 days in April of last year. The April 2015 DOM was at a mid level compared with April 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 April 2015 Selling Price per Square Foot of $132 was up 1.6% from $130 last month and up 4.9% from 126 in April 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 April 2015 Selling Price vs Original List Price of 97.8% was up from 97.7% last month and up from 97.5% in April 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.