The overview below shows real estate activity from January 2022 to December 2022. You will see data comparisons between December and the previous month, the last three months and December 2021.
Average & Median Sales Price
The median sales price in December 2022 was $1,263,000, up 11.31% from $1,134,700 from the previous month and 3.10% higher than $1,225,000 from December 2021. The December 2022 median sales price was at its highest level compared to December 2021 and 2020. The average sales price in December 2022 was $1,515,354, up 7.74% from $1,406,553 from the previous month and 7.34% higher than $1,411,675 from December 2021. The December 2022 average sale price was at its highest level compared to December 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 December 2022 sales price/list price ratio was 95.85%, down from 97.6% from the previous month and down from 103.47% from December 2021.
Number of Properties Sold & Absorption Rate
The number of properties sold in December 2022 was 61, down -12.86% from 70 from the previous month and -43.52% lower than 108 from December 2021. The December 2022 sales were at its lowest level compared to December 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 December 2022 was 46 days, down -6.12% from 49 days from the previous month and 91.67% higher than 24 days from December 2021. The December 2022 DOM was at its highest level compared with December 2021 and 2020.
Average Sales Price per Square Foot
Inventory & MSI
The number of properties for sale in December 2022 was 133, down -24.00% from 175 from the previous month and 52.87% higher than 87 from December 2021. The December 2022 inventory was at a mid level compared with December 2021 and 2020. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2022 MSI of 2.18 months was at its highest level compared with December 2021 and 2020.
New Listings
The number of new listings in December 2022 was 35, down -42.62% from 61 from the previous month and -41.67% lower than 60 from December 2021. The December 2022 listings were at its lowest level compared to December 2021 and 2020.
