April property sales were 1,618, down from 1,691 in April of 2016 and -2.6% lower than the 1,662 sales last month. April 2017 sales were at their lowest level compared to April of 2016 and 2015. April YTD sales of 5,522 are running 0.4% ahead of last year’s year-to-date sales of 5,498.
The median sales price in April was $771,750, up 5.7% from $730,000 in April of 2016 and up 2.0% from $756,933 last month. The average sales price in April was $1,003,143, up 9.2% from $918,573 in April of 2016 and up 2.4% from $979,676 last month. April 2017 ASP was at highest level compared to April of 2016 and 2015.
Inventory & MSI
The total inventory of properties available for sale as of April was 4,755, up 18.5% from 4,011 last month and up 2.3% from 4,646 in April of last year. April 2017 Inventory was at highest level compared to April of 2016 and 2015.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2017 MSI of 2.9 months was at its highest level compared with April of 2016 and 2015.
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 April was 43, down from 48 days last month and down from 45 days in April of last year. The April 2017 DOM was at its lowest level compared with April of 2016 and 2015.
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 April 2017 selling price per square foot of $445 was down -0.2% from $446 last month and up 5.2% from $423 in April 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 April 2017 was 2482, down -8.9% from 2,725 last month and down -8.7% from 2,719 in April of last year.
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Based on information from California Regional Multiple Listing Service, Inc. for the period 1/1/2004 through 4/30/2017. 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.