May Property sales were 2,864, up 5.1% from 2,725 in May of 2015 and 7.1% higher than the 2,674 sales last month. May 2016 sales were at their highest level compared to May of 2015 and 2014. May YTD sales of 10,584 are running 4.8% ahead of last year's year-to-date sales of 10,099.
The Median Sales Price in May was $294,250, up 2.3% from $287,500 in May of 2015 and up 2.3% from $287,700 last month. The Average Sales Price in May was $374,574, up 3.9% from $360,652 in May of 2015 and up 0.5% from $372,817 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 7,765, down -1.5% from 7,882 last month and down -21.8% from 9,931 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 2.7 months was at its lowest level compared with May of 2015 and 2014.
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 40, down -14.9% from 47 days last month and down -13.0% from 46 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