The overview below shows real estate activity from January 2023 to September 2023. You will see data comparisons between September and the previous month, the last three months and September 2022.
Average & Median Sales Price
The median sales price in September 2023 was $1,415,500, equal to the previous month and 10.22% higher than $1,284,250 from September 2022. The September 2023 median sales price was at its highest level compared to September 2022 and 2021. The average sales price in September 2023 was $1,647,034, down -11.95% from $1,870,543 from the previous month and 5.82% higher than $1,556,472 from September 2022. The September 2023 average sale price was at its highest level compared to September 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 September 2023 sales price/list price ratio was 99.88%, equal to the previous month and up from 97.96% from September 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in September 2023 was 92, down -7.07% from 99 from the previous month and 4.55% higher than 88 from September 2022. The September 2023 sales were at a mid level compared to September 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 September 2023 was 41 days, up 36.67% from 30 days from the previous month and -16.33% lower than 49 days from September 2022. The September 2023 DOM was at a mid level compared with September 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 September 2023 was $782, down -6.68% from $838 from the previous month and 3.99% higher than $752 from September 2022.
Inventory & MSI
The number of properties for sale in September 2023 was 189, up 22.73% from 154 from the previous month and -3.08% lower than 195 from September 2022. The September 2023 inventory was at a mid level compared with September 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2023 MSI of 2.05 months was at a mid level compared with September 2022 and 2021.
New Listings
The number of new listings in September 2023 was 109, up 2.83% from 106 from the previous month and 6.86% higher than 102 from September 2022. The September 2023 listings were at a mid level compared to September 2022 and 2021.
