March Property sales were 99, down -27.7% from 137 in March of 2021 and 70.7% higher than the 58 sales last month. March 2022 sales were at a mid level compared to March of 2021 and 2020. March YTD sales of 235 are running -28.4% behind last year’s year-to-date sales of 328.
The Median Sales Price in March was $1,400,000, up 29.6% from $1,080,000 in March of 2021 and up 2.9% from $1,360,000 last month. The Average Sales Price in March was $1,605,091, up 22.7% from $1,307,665 in March of 2021 and down -3.5% from $1,663,164 last month. March 2022 ASP was at highest level compared to March of 2021 and 2020.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of March was 122, up 24.5% from 98 last month and down -9.0% from 134 in March of last year. March 2022 Inventory was at the lowest level compared to March of 2021 and 2020.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2022 MSI of 1.2 months was at a mid range compared with March 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 March was 22, down -37.1% from 35 days last month and down -18.5% from 27 days in March of last year. The March 2022 DOM was at its lowest level compared with March 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 March 2022 Selling Price per Square Foot of $746 was down -1.2% from $755 last month and up 16.9% from $638 in March 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 March 2022 Selling Price vs List Price of 104.0% was down from 104.4% last month and up from 102.0% in March 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 March 2022 was 103, up 1.0% from 102 last month and down -39.1% from 169 in March of last year.