July property sales were up 20% over the same time last year, from 63 in July 2013 to 76 homes sold this year. Prior 12 months sales are up 11.4% at 577 vs. 518 for last year. Prior 12 months average sales price increased 5%, from $435,628 in 2013 to $457,270 in 2014. The July Average Sales Price increased 14.4%, from $416,766 in July 2013 to $476,759 in July 2014. The July 2014 vs. July 2013 median price increased 19.3%, from $335,000 to $399,700. The July average Days on Market (DOM) decreased from 77 in July 2013 to 63 in July 2014.
The July 2014 MSI of 4.45 months was at its highest level compared with July 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 July 2014 Selling Price vs. List Price of 95.0% increased from 93.4% in July of last year.