Charles Nedder – Market Update
Market Update May 2014
May property sales were 60, down from 72 in May of 2013 and 36.4% higher than the 44 sales last month. May 2014 sales were at a mid level compared to May of 2013 and 2012. May YTD sales of 197 are running -16.9% behind last year’s year-to-date sales of 237.
The median sales price in May was $608,875, up 9.7% from $555,000 in May of 2013 and down -11.6% from $688,750 last month. The average sales price in May was $698,633, down -2.4% from $715,726 in May of 2013 and down -5.6% from $740,030 last month. May 2014 ASP was at a mid range compared to May of 2013 and 2012.
Inventory & MSI
The total inventory of properties available for sale as of May was 506, up 0.4% from 504 last month and down -11.2% from 570 in May of last year. May 2014 Inventory was at the lowest level compared to May of 2013 and 2012.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2014 MSI of 8.4 months was at a mid range compared with May of 2013 and 2012.
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 144, down from 145 days last month and up from 142 days in May of last year. The May 2014 DOM was at its highest level compared with May of 2013 and 2012.
Selling Price Per Square Foot
The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the ‘mix’ of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The May 2014 selling price per square foot of $265 was up 0.8% from $263 last month and down -5.4% from $280 in May of last year.
Selling Price vs Listing Price
The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their 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. The May 2014 selling price vs list price of 97.5% was up from 96.7% last month and up from 96.3% in May of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of properties for sale along with new listings and sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of new listings in May 2014 was 150, down -4.5% from 157 last month and down -3.2% from 155 in May of last year.
Posted on June 14, 2014, in Uncategorized and tagged 06901, Buy house, Charles Nedder, Coldwell Banker Stamford, Homes sales, International Real Estate, kate nedder, Stamford Real Estate. Bookmark the permalink. Leave a comment.