The overview below shows real estate activity from January 2023 to November 2023. You will see data comparisons between November and the previous month, the last three months and November 2022.
Average & Median Sales Price
The median sales price in November 2023 was $1,427,500, up 12.31% from $1,271,000 from the previous month and 25.23% higher than $1,139,900 from November 2022. The November 2023 median sales price was at its highest level compared to November 2022 and 2021. The average sales price in November 2023 was $1,544,623, up 5.94% from $1,458,034 from the previous month and 9.83% higher than $1,406,320 from November 2022. The November 2023 average sale price was at its highest level compared to November 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 November 2023 sales price/list price ratio was 98.83%, equal to the previous month and up from 97.53% from November 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in November 2023 was 64, down -36.00% from 100 from the previous month and -9.86% lower than 71 from November 2022. The November 2023 sales were at its lowest level compared to November 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 November 2023 was 31 days, up 3.33% from 30 days from the previous month and -36.73% lower than 49 days from November 2022. The November 2023 DOM was at a mid level compared with November 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 November 2023 was $796, up 5.85% from $752 from the previous month and 5.99% higher than $751 from November 2022.
Inventory & MSI
The number of properties for sale in November 2023 was 163, up 7.95% from 151 from the previous month and -7.91% lower than 177 from November 2022. The November 2023 inventory was at a mid level compared with November 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2023 MSI of 2.55 months was at its highest level compared with November 2022 and 2021.
New Listings
The number of new listings in November 2023 was 58, down -30.12% from 83 from the previous month and -6.45% lower than 62 from November 2022. The November 2023 listings were at its lowest level compared to November 2022 and 2021.
