The overview below shows real estate activity from January 2023 to June 2023. You will see data comparisons between June and the previous month, the last three months and June 2022.
Average & Median Sales Price
The median sales price in June 2023 was $1,405,000, up 9.77% from $1,280,000 from the previous month and 8.16% higher than $1,299,000 from June 2022. The June 2023 median sales price was at its highest level compared to June 2022 and 2021. The average sales price in June 2023 was $1,640,813, up 13.24% from $1,449,019 from the previous month and 12.46% higher than $1,459,019 from June 2022. The June 2023 average sale price was at its highest level compared to June 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 June 2023 sales price/list price ratio was 100.91%, equal to the previous month and equal to June 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in June 2023 was 94, down -12.96% from 108 from the previous month and -6.00% lower than 100 from June 2022. The June 2023 sales were at its lowest level compared to June 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 June 2023 was 39 days, down -18.75% from 48 days from the previous month and 85.71% higher than 21 days from June 2022. The June 2023 DOM was at its highest level compared with June 2022 and 2021.
Average Sales 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 2023 was $771, up 4.76% from $736 from the previous month and 2.94% higher than $749 from June 2022.
Inventory & MSI
The number of properties for sale in June 2023 was 181, up 14.56% from 158 from the previous month and -12.98% lower than 208 from June 2022. The June 2023 inventory was at a mid level compared with June 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2023 MSI of 1.93 months was at a mid level compared with June 2022 and 2021.
New Listings
The number of new listings in June 2023 was 99, down -18.85% from 122 from the previous month and -39.63% lower than 164 from June 2022. The June 2023 listings were at its lowest level compared to June 2022 and 2021.
