The overview below shows real estate activity from January 2023 to July 2023. You will see data comparisons between July and the previous month, the last three months and July 2022.
Average & Median Sales Price
The median sales price in July 2023 was $1,383,888, down -1.50% from $1,405,000 from the previous month and 5.04% higher than $1,317,500 from July 2022. The July 2023 median sales price was at its highest level compared to July 2022 and 2021. The average sales price in July 2023 was $1,620,705, down -1.23% from $1,640,813 from the previous month and 4.54% higher than $1,550,352 from July 2022. The July 2023 average sale price was at its highest level compared to July 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 July 2023 sales price/list price ratio was 101.27%, equal to the previous month and equal to July 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in July 2023 was 89, down -5.32% from 94 from the previous month and -11.00% lower than 100 from July 2022. The July 2023 sales were at its lowest level compared to July 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 July 2023 was 25 days, down -35.90% from 39 days from the previous month and -7.41% lower than 27 days from July 2022. The July 2023 DOM was at a mid level compared with July 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 July 2023 was $773, equal to the previous month and equal to July 2022.
Inventory & MSI
The number of properties for sale in July 2023 was 178, up 5.95% from 168 from the previous month and -16.04% lower than 212 from July 2022. The July 2023 inventory was at a mid level compared with July 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2023 MSI of 2 months was at a mid level compared with July 2022 and 2021.
New Listings
The number of new listings in July 2023 was 90, down -23.08% from 117 from the previous month and -36.17% lower than 141 from July 2022. The July 2023 listings were at its lowest level compared to July 2022 and 2021.
