January 2020 was a Seller's market!
The number of for sale listings was down 33.9% from one year earlier and down 12.9% from the previous month. The number of sold listings increased 3% year over year and decreased 32.3% month over month. The number of under contract listings was up 35.2% compared to previous month and up 8.4% compared to previous year.
The Months of Inventory based on Closed Sales is 1.6, down 36.5% from the previous year. The Average Sold Price per Square Footage was down 4.5% compared to previous month and up 5.4% compared to last year. The Median Sold Price decreased by 3.6% from last month. The Average Sold Price also decreased by 7.7% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Neutral".
The Average Days on Market showed a upward trend, a decrease of 5.8% compared to previous year. The ratio of Sold Price vs. Original List Price is 97%, an increase of 1% compared to previous year.
It is a Seller's Market
Property Sales (Sold) January property sales were 4301, up 3% from 4176 in January of 2019 and 32.3% lower than the 6352 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month is lower by 3495 units of 33.9%. 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 12.9% compared to the previous month.
Property Under Contract (Pended) There was an increase of 35.2% in the pended properties in January, with 5859 properties versus 4335 last month. This month's pended property sales were 8.4% 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 January 2020 Average Sold Price per Square Footage of $254 was down 4.5% from $266 last month and up 5.4% from $241 in January 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 January 2020 was 49, up 8.9% from 45 days last month and down 5.8% from 52 days in January 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 the same as last month and up from 1% % in January of last year.
The Average For Sale Price is Appreciating*
The Average For Sale Price in January was $792,000, up 7.5% from $737,000 in January of 2019 and up 3.5% from $765,000 last month.
The Average Sold Price is Neutral*
The Average Sold Price in January was $518,000, up 5.7% from $490,000 in January of 2019 and down 7.7% from $561,000 last month.
The Median Sold Price is Neutral*
The Median Sold Price in January was $433,000, up 10.2% from $393,000 in January of 2019 and down 3.6% from $449,000 last month.
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 January 2020 Months of Inventory based on Closed Sales of 1.6 was decreased by 36.5% compared to last year and up 32.5% compared to last month. January 2020 is Seller's market.
Months of Inventory based on Pended Sales
The January 2020 Months of Inventory based on Pended Sales of 1.2 was decreased by 36.7% compared to last year and down 33.3% compared to last month. January 2020 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 January 2020 Absorption Rate based on Closed Sales of 63.2 was increased by 56% compared to last year and down 22.2% compared to last month.
Absorption Rate based on Pended Sales
The January 2020 Absorption Rate based on Pended Sales of 86 was increased by 64.1% compared to last year and up 55.2% compared to last month.
"All indicators point to a vigorous spring market"
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