October Property sales were 5,525, up 1.2% from 5,460 in October of 2014 and 9.7% lower than the 6,121 sales last month. October 2015 sales were at their highest level compared to October of 2014 and 2013. October YTD sales of 63,167 are running 10.4% ahead of last year’s year-to-date sales of 57,222.
The Median Sales Price in October was $221,000, up 7.9% from $204,750 in October of 2014 and down 0.5% from $222,000 last month. The Average Sales Price in October was $274,539, up 5.5% from $260,234 in October of 2014 and up 1.5% from $270,608 last month. October 2015 ASP was at the highest level compared to October of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of October was 20,032, up 13.5% from 17,645 last month and down 7.5% from 21,655 in October of last year. October 2015 Inventory was at its lowest level compared with October of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2015 MSI of 3.6 months was at its lowest level compared with October 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 October was 49, up 2.1% from 48 days last month and down 21.0% from 62 days in October of last year. The October 2015 DOM was at a mid level compared with October 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 October 2015 Selling Price per Square Foot of $135 was up 1.5% from $133 last month and up 8.3% from 125 in October 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 October 2015 Selling Price vs Original List Price of 97.9% was down from 98.1% last month and up from 97.5% in October 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.