May property sales were 7,326, up 11.1% from 6,596 in May of 2014 and 0.2% lower than the 7,340 sales last month. May 2015 sales were at a mid level compared to May of 2014 and 2013. May YTD sales of 30,734 are running 9.4% ahead of last year’s year-to-date sales of 28,093.
The Median Sales Price in May was $220,250, up 9.0% from $202,000 in May of 2014 and up 2.9% from $214,000 last month. The Average Sales Price in May was $281,263, up 8.1% from $260,281 in May of 2014 and up 0.7% from $279,174 last month. May 2015 ASP was at the highest level compared to May of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of May was 19,829, up 3.2% from 19,208 last month and down 13.3% from 22,860 in May of last year. May 2015 Inventory was at a mid level compared with May of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2015 MSI of 2.7 months was at a mid level compared with May 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 May was 56, down 3.4% from 58 days last month and down 9.7% from 62 days in May of last year. The May 2015 DOM was at a mid level compared with May 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 May 2015 Selling Price per Square Foot of $133 was up 0.6% from $132 last month and up 6.4% from 125 in May 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 May 2015 Selling Price vs Original List Price of 98.1% was up from 97.8% last month and up from 97.5% in May 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.