The overview below shows real estate activity for January 2023. You will see data comparisons between January and the previous month, the last three months and January 2022.
Average & Median Sales Price
The median sales price in January 2023 was $1,247,500, down -1.23% from $1,263,000 from the previous month and equal to January 2022. The January 2023 median sales price was at a mid level compared to January 2022 and 2021. The average sales price in January 2023 was $1,421,340, down -6.20% from $1,515,354 from the previous month and -13.30% lower than $1,639,466 from January 2022. The January 2023 average sale price was at a mid level compared to January 2022 and 2021.
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 January 2023 sales price/list price ratio was 97.01%, up from 95.85% from the previous month and down from 102.24% from January 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in January 2023 was 50, down -18.03% from 61 from the previous month and -35.90% lower than 78 from January 2022. The January 2023 sales were at its lowest level compared to January 2022 and 2021. 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 January 2023 was 52 days, up 13.04% from 46 days from the previous month and 52.94% higher than 34 days from January 2022. The January 2023 DOM was at its highest level compared with January 2022 and 2021.
Average Sales Price per Square Foot
Inventory & MSI
The number of properties for sale in January 2023 was 137, up 4.58% from 131 from the previous month and 38.38% higher than 99 from January 2022. The January 2023 inventory was at its highest level compared with January 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2023 MSI of 2.74 months was at its highest level compared with January 2022 and 2021.
New Listings
The number of new listings in January 2023 was 56, up 43.59% from 39 from the previous month and -39.13% lower than 92 from January 2022. The January 2023 listings were at its lowest level compared to January 2022 and 2021.
