The overview below shows real estate activity from January 2023 to October 2023. You will see data comparisons between October and the previous month, the last three months and October 2022.
Average & Median Sales Price
The median sales price in October 2023 was $1,270,000, down -9.99% from $1,411,000 from the previous month and -1.74% lower than $1,292,500 from October 2022. The October 2023 median sales price was at a mid level compared to October 2022 and 2021. The average sales price in October 2023 was $1,464,674, down -11.14% from $1,648,375 from the previous month and -2.64% lower than $1,504,320 from October 2022. The October 2023 average sale price was at a mid level compared to October 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 October 2023 sales price/list price ratio was 99.17%, equal to the previous month and equal to October 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in October 2023 was 97, up 6.59% from 91 from the previous month and 19.75% higher than 81 from October 2022. The October 2023 sales were at a mid level compared to October 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 October 2023 was 29 days, down -29.27% from 41 days from the previous month and -23.68% lower than 38 days from October 2022. The October 2023 DOM was at its lowest level compared with October 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 October 2023 was $756, down -3.57% from $784 from the previous month and 5.73% higher than $715 from October 2022.
Inventory & MSI
The number of properties for sale in October 2023 was 156, down -7.69% from 169 from the previous month and -22.39% lower than 201 from October 2022. The October 2023 inventory was at a mid level compared with October 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2023 MSI of 1.61 months was at a mid level compared with October 2022 and 2021.
New Listings
The number of new listings in October 2023 was 70, down -41.18% from 119 from the previous month and -36.36% lower than 110 from October 2022. The October 2023 listings were at its lowest level compared to October 2022 and 2021.
