February Property sales were 57, down -36.7% from 90 in February of 2021 and -26.9% lower than the 78 sales last month. February 2022 sales were at their lowest level compared to February of 2021 and 2020. February YTD sales of 135 are running -29.3% behind last year’s year-to-date sales of 191.
The Median Sales Price in February was $1,350,000, up 21.5% from $1,111,000 in February of 2021 and up 7.6% from $1,255,000 last month. The Average Sales Price in February was $1,667,167, up 22.8% from $1,357,177 in February of 2021 and up 1.7% from $1,639,466 last month. February 2022 ASP was at highest level compared to February of 2021 and 2020.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of February was 124, up 31.9% from 94 last month and down -5.3% from 131 in February of last year. February 2022 Inventory was at the lowest level compared to February of 2021 and 2020.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2022 MSI of 2.2 months was at a mid range compared with February 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 February was 35, up 2.9% from 34 days last month and down -12.5% from 40 days in February of last year. The February 2022 DOM was at its lowest level compared with February 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 February 2022 Selling Price per Square Foot of $758 was up 2.4% from $740 last month and up 27.2% from $596 in February 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 February 2022 Selling Price vs List Price of 104.1% was up from 102.4% last month and up from 99.5% in February 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 February 2022 was 82, down -10.9% from 92 last month and down -41.0% from 139 in February of last year.