August property sales were 1,281, up 6.7% from 1,201 in August of 2014 and 14.9% lower than the 1,506 sales last month. August 2015 sales were at a mid level compared to August of 2014 and 2013. August YTD sales of 10,478 are running 9.4% ahead of last year’s year-to-date sales of 9,577.
The Median Sales Price in August was $175,000, up 6.1% from $165,000 in August of 2014 and up 0.2% from $174,700 last month. The Average Sales Price in August was $213,782, up 3.5% from $206,629 in August of 2014 and up 1.1% from $211,487 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 5,186, down 15.1% from 6,108 last month and down 19.4% from 6,437 in August of last year. August 2015 Inventory was at its lowest 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 4.0 months was at its lowest 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 97, up 5.4% from 92 days last month and down 2.0% from 99 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 $110 was up 0.1% from $110 last month and up 3.0% from 107 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 97.3% was down from 97.5% last month and up from 97.2% 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.