The overview below shows real estate activity from January 2024 to July 2024. You will see data comparisons between July and the previous month, the last three months and July 2023.
Average & Median Sales Price
The median sales price in July 2024 was $1,357,500, down -9.50% from $1,500,000 from the previous month and 7.74% higher than $1,260,000 from July 2023. The July 2024 median sales price was at a mid level compared to July 2023 and 2022. The average sales price in July 2024 was $1,398,500, down -3.77% from $1,453,333 from the previous month and 10.71% higher than $1,263,200 from July 2023. The July 2024 average sale price was at a mid level compared to July 2023 and 2022.
Sales Price / List Price Ratio
The median sales price in July 2024 was $1,357,500, down -9.50% from $1,500,000 from the previous month and 7.74% higher than $1,260,000 from July 2023. The July 2024 median sales price was at a mid level compared to July 2023 and 2022. The average sales price in July 2024 was $1,398,500, down -3.77% from $1,453,333 from the previous month and 10.71% higher than $1,263,200 from July 2023. The July 2024 average sale price was at a mid level compared to July 2023 and 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in July 2024 was 8, up 166.67% from 3 from the previous month and 60.0% higher than 5 from July 2023. The July 2024 sales were at a mid level compared to July 2023 and 2022. 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 July 2024 was 35 days, up 59.09% from 22 days from the previous month and 59.09% higher than 22 days from July 2023. The July 2024 DOM was at a mid level compared with July 2023 and 2022.
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 July 2024 was $694, down -13.36% from $801 from the previous month and 9.81% higher than $632 from July 2023.
Inventory & MSI
The number of properties for sale in July 2024 was 9, up 12.50% from 8 from the previous month and -18.18% lower than 11 from July 2023. The July 2024 inventory was at its lowest level compared with July 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2024 MSI of 1.12 months was at its lowest level compared with July 2023 and 2022.
New Listings
The number of new listings in July 2024 was 6, up 50.0% from 4 from the previous month and -14.29% lower than 7 from July 2023. The July 2024 listings were at its lowest level compared to July 2023 and 2022.
