May property sales were up 12.7% over the same time last year, from 55 in May 2013 to 62 homes sold this year. Prior 12 months sales are up 13.8% at 560 vs. 492 for last year. Prior 12 months average sales price increased 4.3%, from $431,195 in 2013 to $449,836 in 2014. The May Average Sales Price was down 6.8%, from $484,720 in 2013 to $451,785 in 2014. The May 2014 vs. May 2013 median price decreased 18.4%, from $435,000 to $355,000. The May average Days on Market (DOM) decreased from 109 in May 2013 to 72 in May 2014.
The May 2014 MSI of 7.11 months was at its highest level compared with May 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 May 2014 Selling Price vs. List Price of 95.1% decreased slightly from 96.2% in May of last year.