WOODBRIDGE REAL ESTATE UPDATE

OCTOBER 2019

 

Property Sales

September Property sales were 22, up 15.8% from 19 in September of 2018 and -8.3% lower than the 24 sales last month. September 2019 sales were at their highest level compared to September of 2018 and 2017. September YTD sales of 174 are running -21.3% behind last year's year-to-date sales of 221.

 

Prices

The Median Sales Price in September was $732,500, down -11.7% from $830,000 in September of 2018 and up 5.0% from $697,500 last month. The Average Sales Price in September was $704,443, down -18.4% from $862,990 in September of 2018 and down -11.5% from $796,296 last month. September 2019 ASP was at the lowest level compared to September of 2018 and 2017.

 

Inventory & MSI

The Total Inventory of Properties available for sale as of September was 72, up 10.8% from 65 last month and up 67.4% from 43 in September of last year.

September 2019 Inventory was at highest level compared to September of 2018 and 2017.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2019 MSI of 3.3 months was at its highest level compared with September of 2018 and 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 September was 36, down -5.3% from 38 days last month and up 16.1% from 31 days in September of last year. The September 2019 DOM was at its highest level compared with September of 2018 and 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 September 2019 Selling Price per Square Foot of $490 was up 0.2% from $489 last month and up 1.4% from $483 in September of last year.

 

Selling Price vs Listing Price

The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The September 2019 Selling Price vs List Price of 96.7% was up from 96.3% last month and down from 98.1% in September 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 September 2019 was 24, down -14.3% from 28 last month and down -14.3% from 28 in September of last year.

 

See the current Active, "In Escrow" and Sold Woodbridge listings.