PROPERTY SALES
The number of properties sold in May 2022 was 97, up 2.11% from 95 from the previous month and -26.52% lower than 132 from May 2021. The May 2022 sales were at a mid level compared to May 2021 and 2020. Absorption rate is the avg number of sales per month divided by the total number of available properties.
PRICES
The median sales price in May 2022 was $1,450,000, up 2.84% from $1,410,000 from the previous month and 27.42% higher than $1,138,000 from May 2021. The May 2022 median sales price was at its highest level compared to May 2021 and 2020. The average sales price in May 2022 was $1,809,674, up 11.02% from $1,629,972 from the previous month and 27.63% higher than $1,417,852 from May 2021. The May 2022 average sale price was at its highest level compared to May 2021 and 2020.
INVENTORY & MSI
The number of properties for sale in May 2022 was 178, up 35.88% from 131 from the previous month and 24.48% higher than 143 from May 2021. The May 2022 inventory was at a mid level compared with May 2021 and 2020. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2022 MSI of 1.84 months was at a mid level compared with May 2021 and 2020.
MARKET TIME
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 May 2022 was 31 days, up 14.81% from 27 days from the previous month and 24.00% higher than 25 days from May 2021. The May 2022 DOM was at a mid level compared with May 2021 and 2020.
SELLING PRICE PER SQUARE FOOT
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in May 2022 was $863, up 10.50% from $781 from the previous month and 31.16% higher than $658 from May 2021.
SELLING PRICE VS LISTING PRICE
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 May 2022 sales price/list price ratio was 103%, down from 105% from the previous month and equal to May 2021.
INVENTORY / NEW LISTINGS / SALES
The number of new listings in May 2022 was 116, down -5.69% from 123 from the previous month and -15.94% lower than 138 from May 2021. The May 2022 listings were at its lowest level compared to May 2021 and 2020.
