Property Sales
May Property sales were 6,247, up 8.0% from 5,782 in May of 2015 and 11.2% higher than the 5,620 sales last month. May 2016 sales were at their highest level compared to May of 2015 and 2014. May YTD sales of 23,360 are running 6.9% ahead of last year's year-to-date sales of 21,859.
Prices
The Median Sales Price in May was $245,000, up 4.3% from $235,000 in May of 2015 and up 2.1% from $240,000 last month. The Average Sales Price in May was $321,719, up 3.4% from $311,088 in May of 2015 and up 1.6% from $316,748 last month. May 2016 ASP was at highest level compared to May of 2015 and 2014.
Inventory & MSI
The Total Inventory of Properties available for sale as of May was 19,090, down -2.2% from 19,526 last month and down -20.5% from 24,000 in May of last year. May 2016 Inventory was at the lowest level compared to May of 2015 and 2014.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2016 MSI of 3.1 months was at its lowest level compared with May of 2015 and 2014.
Market Time
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 tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for May was 45, down -15.1% from 53 days last month and down -16.7% from 54 days in May of last year. The May 2016 DOM was at its lowest level compared with May of 2015 and 2014.
Data: MRED LLC
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