PROPERTY SALES
The number of properties sold in June 2022 was 100, down -8.26% from 109 from the previous month and -32.43% lower than 148 from June 2021. The June 2022 sales were at a mid level compared to June 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 June 2022 was $1,299,000, down -7.87% from $1,410,000 from the previous month and 6.69% higher than $1,217,500 from June 2021. The June 2022 median sales price was at its highest level compared to June 2021 and 2020. The average sales price in June 2022 was $1,456,729, down -14.26% from $1,699,043 from the previous month and 1.51% higher than $1,435,058 from June 2021. The June 2022 average sale price was at its highest level compared to June 2021 and 2020.
INVENTORY & MSI
The number of properties for sale in June 2022 was 217, up 33.95% from 162 from the previous month and 34.78% higher than 161 from June 2021. The June 2022 inventory was at its highest level compared with June 2021 and 2020. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2022 MSI of 2.17 months was at a mid level compared with June 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 June 2022 was 21 days, down -30.0% from 30 days from the previous month and -27.59% lower than 29 days from June 2021. The June 2022 DOM was at its lowest level compared with June 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 June 2022 was $749, down -8.44% from $818 from the previous month and 11.46% higher than $672 from June 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 June 2022 sales price/list price ratio was 102%, equal to the previous month and equal to June 2021.
INVENTORY / NEW LISTINGS / SALES
The number of new listings in June 2022 was 131, down -9.03% from 144 from the previous month and -25.57% lower than 176 from June 2021. The June 2022 listings were at its lowest level compared to June 2021 and 2020.
