January Property sales were 78, down -22.8% from 101 in January of 2021 and -27.1% lower than the 107 sales last month. January 2022 sales were at a mid level compared to January of 2021 and 2020. January YTD sales of 78 are running -22.8% behind last year’s year-to-date sales of 101.
The Median Sales Price in January was $1,255,000, up 14.1% from $1,100,000 in January of 2021 and up 2.4% from $1,225,000 last month. The Average Sales Price in January was $1,639,466, up 24.6% from $1,315,413 in January of 2021 and up 16.1% from $1,412,532 last month. January 2022 ASP was at highest level compared to January of 2021 and 2020.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of January was 102, up 30.8% from 78 last month and down -21.5% from 130 in January of last year. January 2022 Inventory was at the lowest level compared to January of 2021 and 2020.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2022 MSI of 1.3 months was at a mid range compared with January of 2021 and 2020.
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 January was 34, up 41.7% from 24 days last month and down -26.1% from 46 days in January of last year. The January 2022 DOM was at its lowest level compared with January of 2021 and 2020.
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 January 2022 Selling Price per Square Foot of $740 was up 7.9% from $686 last month and up 19.9% from $617 in January 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 January 2022 Selling Price vs List Price of 102.4% was down from 103.4% last month and up from 97.8% in January 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 January 2022 was 76, up 33.3% from 57 last month and down -38.2% from 123 in January of last year.