February property sales were up 8% over the same time last year, from 25 in February 2013 to 27 homes sold this year. Prior 12 months sales are up 22% at 566 vs. 462 for last year. Prior 12 months average sales price increased 12%, from $411,603 in 2013 to $460,633 in 2014. The February Average Sales Price was up 22%, from $414,238 to $505,856. The February 2014 vs. February 2013 median price increased 8%, from $395,000 to $426,500. The February average Days on Market (DOM) were down from 138 in February 2013 to 126 in February 2014.
The February 2014 MSI of 7.55 months was at its lowest level compared with February of 2013. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. Remember, 5.5 months is considered a “balanced” market by most.
The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their 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 February 2014 Selling Price vs. List Price of 97.7% was up from 95.4% last month and up from 92.6% in February of last year.