December 2014 is a Seller's market! The number of for sale listings was down 7.5% from one year earlier and down 18.3% from the previous month. The number of sold listings decreased 0.2% year over year and increased 6.3% month over month. The number of under contract listings was down 21.1% compared to the previous month and up 16.7% compared to the previous year. The Months of Inventory based on Closed Sales is 1.8, down 5.2% from the previous year.
The Average Sold Price per Square Footage was down 3.2% compared to the previous month and up 4.2% compared to last year. The Median Sold Price increased by 7.9% from last month. The Average Sold Price also increased by 1.8% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Appreciating".
The Average Days on Market showed a upward trend, an increase of 25% compared to the previous year. The ratio of Sold Price vs. Original List Price is 97%, was the same compared to the previous year.
It is a Seller's Market
Property Sales (Sold)
December property sales were 620, down 0.2% from 621 in December of 2013 and 6.3% higher than the 583 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of homes available this month is lower by 90 units of 7.5%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is down 18.3% compared to the previous month.
Property Under Contract (Pended)
There was a decrease of 21.1% in the pended properties in December, with 448 properties versus 568 last month. This month's pended property sales were 16.7% higher than at this time last year.
The Average Sold Price per Square Footage is Neutral*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The December 2014 Average Sold Price per Square Footage of $265.8 was down 3.2% from $274.6 last month and up 4.2% from $255.2 in December of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Shows Upward Trend*
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for December 2014 was 55, up 14.6% from 48 days last month and up 25% from 44 days in December of last year.
The Sold/Original List Price Ratio Remains Steady**
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original 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. This month Sold Price vs. Original List Price of 97% is up 1% % from last month and the same as in December of last year.
* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
The Average For Sale Price is Neutral*
The Average For Sale Price in December was $981,000, down 4.3% from $1,025,000 in December of 2013 and up 0.3% from $978,000 last month.
The Average Sold Price is Neutral*
The Average Sold Price in December was $728,000, up 7.7% from $676,000 in December of 2013 and up 1.8% from $715,000 last month.
The Median Sold Price is Appreciating*
The Median Sold Price in December was $631,000, up 12.7% from $560,000 in December of 2013 and up 7.9% from $585,000 last month.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
It is a Seller's Market*
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.
*Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory
Months of Inventory based on Closed Sales
The December 2014 Months of Inventory based on Closed Sales of 1.8 was decreased by 5.2% compared to last year and down 21.6% compared to last month. December 2014 is Seller's market.
Months of Inventory based on Pended Sales
The December 2014 Months of Inventory based on Pended Sales of 2.5 was decreased by 19.3% compared to last year and up 4.2% compared to last month. December 2014 is Seller's market.
It is a Seller's Market*
Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.
*Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% - 33.33%
Absorption Rate based on Closed Sales
The December 2014 Absorption Rate based on Closed Sales of 56.1 was increased by 7.9% compared to last year and up 30.1% compared to last month.
Absorption Rate based on Pended Sales
The December 2014 Absorption Rate based on Pended Sales of 40.5 was increased by 26.1% compared to last year and down 3.6% compared to last month.
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