September property sales were 162, up 6.6% from 152 in September of 2014 and 3.8% higher than the 156 sales last month. September 2015 sales were at their highest level compared to September of 2014 and 2013. September YTD sales of 1,285 are running 9.8% ahead of last year’s year-to-date sales of 1,170.
The Median Sales Price in September was $340,000, up 6.3% from $320,000 in September of 2014 and up 9.4% from $310,817 last month. The Average Sales Price in September was $354,665, up 4.2% from $340,414 in September of 2014 and up 9.7% from $323,421 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 991, up 3.1% from 961 last month and up 4.1% from 952 in September of last year. September 2015 Inventory was at its highest 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 6.1 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 99, up 32.0% from 75 days last month and up 8.8% from 91 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 $160 was up 0.7% from $159 last month and up 2.0% from 157 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 96.3% was down from 96.5% last month and down from 96.9% in September of last year.
Click here to access the full report – Market Action Report Prescott
To search for real estate in Prescott, go to www.ColdwellBankerHomes.com/AZ/Prescott
To search for real estate throughout Arizona, go to www.ColdwellBankerHomes.com/Arizona
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.