January property sales were down 25% over the same time last year, from 40 in January 2013 to 31 homes sold this year. The January Average Sales Price was up 6.9%, from $416,039 to $444,615. The January 2014 vs. January 2013 median price increased 15.6%, from $327,500 to $378,500. The January average Days on Market (DOM) were up from 106 in January 2013 to 133 in January 2014.
The January 2014 MSI of 6.2 months was at its highest level compared with January of 2013 and 2012. 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.