The overview below shows real estate activity from January 2023 to May 2023. You will see data comparisons between April and the previous month, the last three months and May 2022.
Average & Median Sales Price
The median sales price in May 2023 was $1,280,000, down -3.40% from $1,325,000 from the previous month and -9.22% lower than $1,410,000 from May 2022. The May 2023 median sales price was at a mid level compared to May 2022 and 2021. The average sales price in May 2023 was $1,449,019, down -6.43% from $1,548,643 from the previous month and -14.72% lower than $1,699,043 from May 2022. The May 2023 average sale price was at a mid level compared to May 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 May 2023 sales price/list price ratio was 100.9%, equal to the previous month and down from 102.96% from May 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in May 2023 was 108, up 44.00% from 75 from the previous month and equal to May 2022. The May 2023 sales were at its lowest level compared to May 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 May 2023 was 48 days, up 41.18% from 34 days from the previous month and 60.0% higher than 30 days from May 2022. The May 2023 DOM was at its highest level compared with May 2022 and 2021.
Average Sales Price per Square Foot
Inventory & MSI
The number of properties for sale in May 2023 was 174, up 20.83% from 144 from the previous month and 2.96% higher than 169 from May 2022. The May 2023 inventory was at its highest level compared with May 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2023 MSI of 1.61 months was at its highest level compared with May 2022 and 2021.
New Listings
The number of new listings in May 2023 was 108, down -14.96% from 127 from the previous month and -26.03% lower than 146 from May 2022. The May 2023 listings were at its lowest level compared to May 2022 and 2021.
