The overview below shows real estate activity from January 2022 to August 2022. You will see data comparisons between August and the previous month, the last three months and August 2021.
Average & Median Sales Price
The median sales price in August 2022 was $1,194,000, up 3.38% from $1,155,000 from the previous month and 23.73% higher than $965,000 from August 2021. The August 2022 median sales price was at its highest level compared to August 2021 and 2020. The average sales price in August 2022 was $1,357,158, up 3.30% from $1,313,838 from the previous month and 27.66% higher than $1,063,100 from August 2021. The August 2022 average sale price was at its highest level compared to August 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 August 2022 sales price/list price ratio was 99%, down from 100% from the previous month and down from 101% from August 2021.
Number of Properties Sold & Absorption Rate
The number of properties sold in August 2022 was 150, up 6.38% from 141 from the previous month and -26.83% lower than 205 from August 2021. The August 2022 sales were at its lowest level compared to August 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 August 2022 was 31 days, up 29.17% from 24 days from the previous month and 19.23% higher than 26 days from August 2021. The August 2022 DOM was at a mid level compared with August 2021 and 2020.
Average Sales Price per Square Foot
Inventory & MSI
The number of properties for sale in August 2022 was 301, down -1.63% from 306 from the previous month and 27.00% higher than 237 from August 2021. The August 2022 inventory was at its highest level compared with August 2021 and 2020. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2022 MSI of 2.01 months was at its highest level compared with August 2021 and 2020.
New Listings
The number of new listings in August 2022 was 148, down -26.00% from 200 from the previous month and -29.52% lower than 210 from August 2021. The August 2022 listings were at its lowest level compared to August 2021 and 2020.
