The overview below shows real estate activity from January 2023 to August 2023. You will see data comparisons between August and the previous month, the last three months and August 2022.
Average & Median Sales Price
The median sales price in August 2023 was $1,420,500, up 2.42% from $1,386,944 from the previous month and 8.07% higher than $1,314,444 from August 2022. The August 2023 median sales price was at its highest level compared to August 2022 and 2021. The average sales price in August 2023 was $1,870,543, up 15.49% from $1,619,642 from the previous month and 17.57% higher than $1,591,068 from August 2022. The August 2023 average sale price was at its highest level compared to August 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 August 2023 sales price/list price ratio was 99.66%, down from 101.22% from the previous month and up from 98.58% from August 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in August 2023 was 99, up 10.0% from 90 from the previous month and -1.00% lower than 100 from August 2022. The August 2023 sales were at its lowest level compared to August 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 August 2023 was 30 days, up 20.0% from 25 days from the previous month and -3.23% lower than 31 days from August 2022. The August 2023 DOM was at a mid level compared with August 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 August 2023 was $838, up 8.69% from $771 from the previous month and 11.88% higher than $749 from August 2022.
Inventory & MSI
The number of properties for sale in August 2023 was 185, up 21.71% from 152 from the previous month and -10.19% lower than 206 from August 2022. The August 2023 inventory was at a mid level compared with August 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2023 MSI of 1.87 months was at a mid level compared with August 2022 and 2021.
New Listings
The number of new listings in August 2023 was 95, down -6.86% from 102 from the previous month and -15.18% lower than 112 from August 2022. The August 2023 listings were at its lowest level compared to August 2022 and 2021.
