July Property sales were 671, up 11.5% from 602 in July of 2014 and 10.1% lower than the 746 sales last month. July 2015 sales were at a mid level compared to July of 2014 and 2013. July YTD sales of 4,631 are running 12.8% ahead of last year’s year-to-date sales of 4,104.
The Median Sales Price in July was $159,997, up 6.7% from $150,000 in July of 2014 and down 2.5% from $164,025 last month. The Average Sales Price in July was $175,595, up 6.8% from $164,445 in July of 2014 and down 4.0% from $182,820 last month. July 2015 ASP was at the highest level compared to July of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of July was 2,271, down 0.9% from 2,292 last month and down 11.2% from 2,558 in July of last year. July 2015 Inventory was at its lowest level compared with July of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2015 MSI of 3.4 months was at a mid level compared with July 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 July was 64, down 11.1% from 72 days last month and down 19.0% from 79 days in July of last year. The July 2015 DOM was at its lowest level compared with July 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 July 2015 Selling Price per Square Foot of $88 was down 4.2% from $92 last month and up 4.5% from 84 in July 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 July 2015 Selling Price vs Original List Price of 98.2% was up from 97.8% last month and up from 97.2% in July 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.