September property sales were 6,125, up 11.0% from 5,520 in September of 2014 and 1.0% lower than the 6,189 sales last month. September 2015 sales were at their highest level compared to September of 2014 and 2013. September YTD sales of 57,662 are running 11.4% ahead of last year’s year-to-date sales of 51,762.
The Median Sales Price in September was $221,000, up 8.9% from $203,000 in September of 2014 and up 0.9% from $219,000 last month. The Average Sales Price in September was $270,091, up 5.9% from $255,153 in September of 2014 and down 0.3% from $270,859 last month. September 2015 ASP was at the highest level compared to September of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of September was 18,792, up 12.1% from 16,759 last month and down 9.7% from 20,822 in September of last year. September 2015 Inventory was at its lowest level compared with September of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2015 MSI of 3.1 months was at its lowest level compared with September 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 September was 48, down 7.7% from 52 days last month and down 22.6% from 62 days in September of last year. The September 2015 DOM was at a mid level compared with September 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 September 2015 Selling Price per Square Foot of $133 was up 1.3% from $132 last month and up 8.0% from 123 in September 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 September 2015 Selling Price vs Original List Price of 98.1% was equal to 98.1% last month and up from 97.6% in September 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.