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Seller's Market

February 2016 is a Seller's market! The number of for sale listings was up 6.9% from one year earlier and up 34.3% from the previous month. The number of sold listings decreased 14.1% year over year and decreased 9.8% month over month. The number of under contract listings was up 51% compared to the previous month and down 11.5% compared to the previous year. The Months of Inventory based on Closed Sales is 1.7, up 22% from the previous year.

The Average Sold Price per Square Footage was up 6.5% compared to the previous month and down 0.3% compared to last year. The Median Sold Price increased by 5.4% from last month. The Average Sold Price also increased by 13.3% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Neutral".

The Average Days on Market showed a neutral trend, a decrease of 3.2% compared to the previous year. The ratio of Sold Price vs. Original List Price is 102%, a decrease of 1.9% compared to the previous year.

Property Sales

Property Sales (Sold)

February property sales were 481, down 14.1% from 560 in February of 2015 and 9.8 lower than the 533 sales last month.

Current Inventory (For Sale)


Versus last year, the total number of homes available this month is higher by 53 units of 6.9%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inve
ntory is up 34.3% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 51% in the pended properties in February, with 702 properties versus 465 last month. This month's pended property sales were 11.5% lower than at this time last year.

 

The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square

Footage is a more normalized indicator on the direction of property values. The February 2016 Average Sold Price per Square Footage of $625 was up 6.5% from $587 last month and                                                                       down 0.3% from $627 in February of last year.

 

The Days on Market Shows Neutral Trend*

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 trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for February 2016 was 30, down 16.7% from 36 days last month and down 3.2% from 31 days in February of last year. 

The Sold/Original List Price Ratio Remains Steady**

The Sold Price vs. Original List 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. This month Sold Price vs. Original List Price of 102% is up 1% from last month and down from 1.9% in February of last year.

 

Average Price is Neutral

Sale Price

The Average For Sale Price in February was $1,864,000, up 7.4% from $1,735,000 in February of 2015 and up 0.8% from $1,849,000 last month.

Sold Price

The Average Sold Price in February was $1,234,000, down 2.8% from $1,270,000 in February of 2015 and up 13.3% from $1,089,000 last month.

The Median Sold Price

The Median Sold Price in February was $945,000, up 3.8% from $910,000 in February of 2015 and up 5.4% from $897,000 last month.

Months of Inventory

A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.

  • *Buyer’s market: more than 6 months of inventory
  • Seller’s market: less than 3 months of inventory
  • Neutral market: 3 – 6 months of inventory


Months of Inventory based on Closed Sales

The February 2016 Months of Inventory based on Closed Sales of 1.7 was increased by 22% compared to last year and up 52.5% compared to last month. February 2016 is Seller's market.

Months of Inventory based on Pended Sales

The February 2016 Months of Inventory based on Pended Sales of 1.2 was increased by 20.7% compared to last year and down 7.6% compared to last month. February 2016 is Seller's market.

Absorption Rate

Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.

  • *Buyer’s market: 16.67% and below
  • Seller’s market: 33.33% and above
  • Neutral market: 16.67% - 33.33%

Absorption Rate based on Closed Sales

The February 2016 Absorption Rate based on Closed Sales of 58.8 was decreased by 19.7% compared to last year and down 32.8% compared to last month

Absorption Rate based on Pended Sales

The February 2016 Absorption Rate based on Pended Sales of 85.8 was decreased by 17.3% compared to last year and up 12.3% compared to last month.