August property sales were 6,181, up 8.0% from 5,724 in August of 2014 and 12.1% lower than the 7,034 sales last month. August 2015 sales were at their highest level compared to August of 2014 and 2013. August YTD sales of 51,538 are running 11.5% ahead of last year’s year-to-date sales of 46,242.
The Median Sales Price in August was $219,000, up 6.3% from $206,000 in August of 2014 and down 0.5% from $220,000 last month. The Average Sales Price in August was $271,366, up 4.9% from $258,740 in August of 2014 and down 0.6% from $273,082 last month. August 2015 ASP was at the highest level compared to August of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of August was 17,978, up 5.7% from 17,011 last month and down 12.6% from 20,578 in August of last year. August 2015 Inventory was at a mid level compared with August of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2015 MSI of 2.9 months was at a mid level compared with August 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 August was 52, up 2.0% from 51 days last month and down 16.1% from 62 days in August of last year. The August 2015 DOM was at a mid level compared with August 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 August 2015 Selling Price per Square Foot of $132 was down 0.4% from $132 last month and up 6.6% from 123 in August 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 August 2015 Selling Price vs Original List Price of 98.0% was down from 98.1% last month and up from 97.6% in August 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.