Average & Median Sales Price
The median sales price in July 2022 was $1,317,500, up 1.42% from $1,299,000 from the previous month and 5.40% higher than $1,250,000 from July 2021. The July 2022 median sales price was at its highest level compared to July 2021 and 2020. The average sales price in July 2022 was $1,550,352, up 6.25% from $1,459,089 from the previous month and 8.31% higher than $1,431,361 from July 2021. The July 2022 average sale price was at its highest level compared to July 2021 and 2020.
Sales Price / List Price Ratio
The sales price/list price ratio is the average sale price divided by the average list price for sold properties expressed as a percentage. If it is above 100%, homes are selling for more than the list price. If it is less than 100%, homes are selling for less than the list price.The July 2022 sales price/list price ratio was 100%, down from 102% from the previous month and down from 103% from July 2021.
Number of Properties Sold & Absorption Rate
The number of properties sold in July 2022 was 100, equal to the previous month and -30.56% lower than 144 from July 2021. The July 2022 sales were at its lowest level compared to July 2021 and 2020. Absorption rate is the avg number of sales per month divided by the total number of available properties.
Average Days on Market
The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer’s market, a downward trend tends to indicate a move towards seller’s market. The DOM for July 2022 was 27 days, up 28.57% from 21 days from the previous month and 12.50% higher than 24 days from July 2021. The July 2022 DOM was at a mid level compared with July 2021 and 2020.
Average Sales Price per Square Foot
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in July 2022 was $773, up 3.20% from $749 from the previous month and 14.86% higher than $673 from July 2021.
Inventory & MSI
The number of properties for sale in July 2022 was 233, up 13.66% from 205 from the previous month and 45.62% higher than 160 from July 2021. The July 2022 inventory was at its highest level compared with July 2021 and 2020. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2022 MSI of 2.33 months was at its highest level compared with July 2021 and 2020.
New Listings
The number of new listings in July 2022 was 125, down -22.84% from 162 from the previous month and -16.67% lower than 150 from July 2021. The July 2022 listings were at its lowest level compared to July 2021 and 2020.
