May property sales were 1,986, up from 1,878 in May of 2016 and 22.6% higher than the 1,620 sales last month. May 2017 sales were at their highest level compared to May of 2016 and 2015. May YTD sales of 7,510 are running 1.8% ahead of last year’s year-to-date sales of 7,376.
The median sales price in May was $789,500, up 8.2% from $730,000 in May of 2016 and up 2.0% from $773,750 last month. The average sales price in May was $1,084,819, up 14.8% from $945,124 in May of 2016 and up 8.1% from $1,003,852 last month. May 2017 ASP was at highest level compared to May of 2016 and 2015.
Inventory & MSI
The total inventory of properties available for sale as of May was 4,863, up 13.3% from 4,291 last month and down -2.6% from 4,995 in May of last year. May 2017 Inventory was at a mid range compared to May of 2016 and 2015.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2017 MSI of 2.4 months was at its lowest level compared with May 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 May was 41, down from 43 days last month and down from 42 days in May of last year. The May 2017 DOM was at its lowest level compared with May 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 May 2017 selling price per square foot of $464 was up 4.5% from $444 last month and up 8.4% from $428 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 2017 was 2572, up 2.0% from 2,521 last month and down -6.3% from 2,744 in May of last year.
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Based on information from California Regional Multiple Listing Service, Inc. for the period 1/1/2004 through 5/31/2017. 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.