June property sales were 175, up 31.6% from 133 in June of 2014 and 12.2% higher than the 156 sales last month. June 2015 sales were at their highest level compared to June of 2014 and 2013. June YTD sales of 778 are running 9.1% ahead of last year’s year-to-date sales of 713.
The Median Sales Price in June was $350,000, up 14.8% from $305,000 in June of 2014 and up 9.2% from $320,500 last month. The Average Sales Price in June was $368,256, up 5.7% from $348,518 in June of 2014 and up 11.2% from $331,309 last month. June 2015 ASP was at the highest level compared to June of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of June was 1,075, up 13.0% from 951 last month and up 6.8% from 1,007 in June of last year. June 2015 Inventory was at its highest level compared with June of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2015 MSI of 6.1 months was at its lowest level compared with June 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 June was 119, down 1.7% from 121 days last month and up 29.3% from 92 days in June of last year. The June 2015 DOM was at a mid level compared with June 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 June 2015 Selling Price per Square Foot of $160 was up 4.0% from $154 last month and up 6.5% from 151 in June 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 June 2015 Selling Price vs Original List Price of 97.0% was up from 96.9% last month and up from 95.7% in June 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.