Summary – July 2014:
- 40 :: Total residential sale transactions (up significantly from last month’s 28)
- $38,600,000 :: Total residential sales volume reported to MLS (up significantly from last month’s $20 million)
- $1,075,000:: Average sales price of reported sales (up from last’s month’s $800,000)
- 96% :: Ratio of sales price to list price (down slightly from last month’s high of 97%)
- 293* :: Average days on market prior to selling (up from last month’s 180 days)
What it means: The month of July saw an increase in both transactions (from 28 to 40) and reported sales volume, which was almost double that of last month. In July there were several high end sales not reported to the MLS which could add an estimated additional $15.85 million in sales volume. The average sales price reached an 8 month high last month as a result of several higher end sales (see “What” Sold section below). The sale price to list price ratio remains high at 96% suggesting properties continue to sell very close to their listing price (on average). In fact, in the month of July 10 properties (25% of all sales) sold at or above their list price. Average days on market were back up, as several of the high end property sales had been on the market for quite some time. (*Note: High outliers (in excess of 1,000 days on market) are taken out of these calculations.)
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