October 2014 property sales vs October 2013 property sales increased from 46 to 51 homes sold. Prior 12 months average sales price increased 6.4%, from $449,851 in 2013 to $478,576 in 2014. The October Average Sales Price increased 14.3%, from $416,138 in October 2013 to $475,739 in October 2014. The October 2014 vs. October 2013 median price increased 20.5%, from $332,000 to $400,000. The October average Days on Market (DOM) increased from 73 in October 2013 to 102 in October 2014.
The October 2014 MSI of 5.57 months was at its lowest level compared with October 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 October 2014 Selling Price vs. List Price of 94.2% decreased slightly from 94.4% in October of last year.