November Property sales were 110, down -8.3% from 120 in November of 2020 and -0.9% lower than the 111 sales last month. November 2021 sales were at a mid level compared to November of 2020 and 2019. November YTD sales of 1,376 are running 25.9% ahead of last year’s year-to-date sales of 1,093.
The Median Sales Price in November was $1,250,000, up 31.6% from $950,000 in November of 2020 and up 5.4% from $1,186,000 last month. The Average Sales Price in November was $1,421,361, up 20.7% from $1,178,037 in November of 2020 and up 3.1% from $1,379,195 last month. November 2021 ASP
was at highest level compared to November of 2020 and 2019.
INVENTORY & MSI
The Total Inventory of Properties available for sale as of November was 123, up 9.8% from 112 last month and down -22.6% from 159 in November of last year. November 2021 Inventory was at the lowest level compared to November of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2021 MSI of 1.1 months was at its lowest level compared with November of 2020 and 2019.
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for November was 26, down -25.7% from 35 days last month and down -16.1% from 31 days in November of last year. The November 2021 DOM was at its lowest level compared with November of 2020
SELLING PRICE PER SQUARE FOOT
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The November 2021 Selling Price per Square Foot of $689 was down -1.7% from $701 last month and up 14.1% from $604 in November of last year.
SELLING PRICE VS LISTING PRICE
The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The November 2021 Selling Price vs List Price of 101.2% was up from 100.5% last month and up from 99.3% in November of last year.
INVENTORY / NEW LISTINGS / SALES
‘This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in November 2021 was 80, down -14.9% from 94 last month and down -11.1% from 90 in November of last year.