June property sales were 7,697, up 20.2% from 6,404 in June of 2014 and 5.5% higher than the 7,295 sales last month. June 2015 sales were at their highest level compared to June of 2014 and 2013. June YTD sales of 38,389 are running 11.3% ahead of last year’s year-to-date sales of 34,497.
The Median Sales Price in June was $224,900, up 8.6% from $207,000 in June of 2014 and up 1.3% from $222,000 last month. The Average Sales Price in June was $283,058, up 5.9% from $267,329 in June of 2014 and up 0.4% from $281,869 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 18,606, up 2.7% from 18,117 last month and down 14.9% from 21,861 in June of last year. June 2015 Inventory was at a mid 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 2.4 months was at a mid 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 52, down 7.1% from 56 days last month and down 11.9% from 59 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 $133 was down 0.2% from $133 last month and up 5.5% from 126 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 98.1% was up from 98.0% last month and up from 97.7% 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.