Summary – June 2014:
- 28 :: Total residential sale transactions (a drop from last month’s 35)
- $20,000,000 :: Total residential sales volume reported to MLS (down from last month’s $25 million)
- $800,000:: Average sales price of reported sales (down from last’s month’s $918,000)
- 97% :: Ratio of sales price to list price (up significantly from last month’s 95%)
- 180 :: Average days on market prior to selling (down significantly from last month’s (adjusted) 232 days)
What it means: The month of June saw a drop in both transactions (from 35 to 28) and reported sales volume, which dropped $5 million. In June there were 3 transactions that were not reported to the MLS which total an estimated additional $12.5 million in sales volume. The average sales price dropped significantly down to $800,000, the lowest monthly average in almost a year (See Chart below). This can be explained by several lower end sales (and not as many high end sales) in June (see “What” Sold section below). The sale price to list price ratio reached 97% last month, the highest level seen since I started keeping stats at the beginning of 2013. This is evidence of a hot real estate market where properties are selling very close to their listing price (on average). Taking out a King Eider lot sale (which had been on the market for 1,704 days!) the average days on market has decreased from the last several months, also evidence of an active real estate market where properties are selling fairly quickly (on average).
Please visit the Real Estate Market Report tab for the entire July Market Report.
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