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Market Trends March 2017

 


Market Trends March 2017

Property Sales
March property sales were 2,729, up from 2,539 in March of 2016 and 48.6% higher than the 1,837 sales last month. March 2017 sales were at their highest level compared to March of 2016 and 2015. March YTD sales of 6,427 are running 4.2% ahead of last year’s year-to-date sales of 6,165.

Market Trends March 2017

Prices
The median sales price in March was $645,000, up 6.6% from $605,000 in March of 2016 and up 4.2% from $618,929 last month. The average sales price in March was $799,462, up 5.0% from $761,311 in March of 2016 and down -2.2% from $817,493 last month. March 2017 ASP was at highest level compared to March of 2016 and 2015.

Market Trends March 2017

Inventory & MSI
The total inventory of properties available for sale as of March was 6,592, up 32.8% from 4,963 last month and up 5.1% from 6,274 in March of last year. March 2017 Inventory was at highest level compared to March of 2016 and 2015.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2017 MSI of 2.4 months was at its lowest level compared with March of 2016 and 2015.


Market Trends March 2017

Market Time
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 March was 44, down from 52 days last month and down from 48 days in March of last year. The March 2017 DOM was at its lowest level compared with March of 2016 and 2015.

Market Trends March 2017

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 March 2017 selling price per square foot of $424 was up 0.7% from $421 last month and up 5.0% from $404 in March of last year.

Market Trends March 2017

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 March 2017 was 3991, up 34.7% from 2,962 last month and down -0.8% from 4,024 in March of last year.

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Based on information from California Regional Multiple Listing Service, Inc. for the period 1/1/2004 through 3/31/2017. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS’s may not reflect all real estate activity in the market. This information will expire 30 days from when it was generated.