The overview below shows real estate activity from January 2022 to September 2022. You will see data comparisons between September and the previous month, the last three months and September 2021.
Average & Median Sales Price
The median sales price in September 2022 was $1,284,250, down -2.30% from $1,314,444 from the previous month and 7.07% higher than $1,199,500 from September 2021. The September 2022 median sales price was at its highest level compared to September 2021 and 2020. The average sales price in September 2022 was $1,556,574, down -2.17% from $1,591,068 from the previous month and 9.29% higher than $1,424,300 from September 2021. The September 2022 average sale price was at its highest level compared to September 2021 and 2020.
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 September 2022 sales price/list price ratio was 98%, down from 99% from the previous month and down from 102% from September 2021.
Number of Properties Sold & Absorption Rate
The number of properties sold in September 2022 was 88, down -12.00% from 100 from the previous month and -27.87% lower than 122 from September 2021. The September 2022 sales were at its lowest level compared to September 2021 and 2020. 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 September 2022 was 49 days, up 58.06% from 31 days from the previous month and 81.48% higher than 27 days from September 2021. The September 2022 DOM was at its highest level compared with September 2021 and 2020.
Average Sales Price per Square Foot
Inventory & MSI
The number of properties for sale in September 2022 was 214, up 4.90% from 204 from the previous month and 44.59% higher than 148 from September 2021. The September 2022 inventory was at its highest level compared with September 2021 and 2020. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2022 MSI of 2.43 months was at its highest level compared with September 2021 and 2020.
New Listings
The number of new listings in September 2022 was 90, down -15.89% from 107 from the previous month and -23.08% lower than 117 from September 2021. The September 2022 listings were at its lowest level compared to September 2021 and 2020.
