The overview below shows real estate activity from January 2022 to November 2022. You will see data comparisons between November and the previous month, the last three months and November 2021.
Average & Median Sales Price
The median sales price in November 2022 was $1,129,500, down -12.61% from $1,292,500 from the previous month and -9.64% lower than $1,250,000 from November 2021. The November 2022 median sales price was at a mid level compared to November 2021 and 2020. The average sales price in November 2022 was $1,401,575, down -6.83% from $1,504,320 from the previous month and -1.83% lower than $1,427,676 from November 2021. The November 2022 average sale price was at a mid level compared to November 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 November 2022 sales price/list price ratio was 97.59%, down from 99.28% from the previous month and down from 101.91% from November 2021.
Number of Properties Sold & Absorption Rate
The number of properties sold in November 2022 was 69, down -14.81% from 81 from the previous month and -38.39% lower than 112 from November 2021. The November 2022 sales were at its lowest level compared to November 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 November 2022 was 48 days, up 26.32% from 38 days from the previous month and 92.00% higher than 25 days from November 2021. The November 2022 DOM was at its highest level compared with November 2021 and 2020.
Average Sales Price per Square Foot
Inventory & MSI
The number of properties for sale in November 2022 was 197, down -2.48% from 202 from the previous month and 82.41% higher than 108 from November 2021. The November 2022 inventory was at its highest level compared with November 2021 and 2020. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2022 MSI of 2.86 months was at its highest level compared with November 2021 and 2020.
New Listings
The number of new listings in November 2022 was 55, down -49.07% from 108 from the previous month and -46.60% lower than 103 from November 2021. The November 2022 listings were at its lowest level compared to November 2021 and 2020.
