The overview below shows real estate activity from January 2024 to December 2024. You will see data comparisons between December and the previous month, the last three months and December 2023.
Average & Median Sales Price
The median sales price in December 2024 was $1,280,000, down -15.65% from $1,517,500 from the previous month and 1.59% higher than $1,260,000 from December 2023. The December 2024 median sales price was at a mid level compared to December 2023 and 2022. The average sales price in December 2024 was $1,311,667, down -17.82% from $1,596,000 from the previous month and -2.30% lower than $1,342,500 from December 2023. The December 2024 average sale price was at its lowest level compared to December 2023 and 2022.
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 December 2024 sales price/list price ratio was 98.34%, down from 99.64% from the previous month and down from 103.18% from December 2023.
Number of Properties Sold & Absorption Rate
The number of properties sold in December 2024 was 3, down -25.00% from 4 from the previous month and -25.00% lower than 4 from December 2023. The December 2024 sales were at its lowest level compared to December 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 December 2024 was 46 days, up 58.62% from 29 days from the previous month and 187.50% higher than 16 days from December 2023. The December 2024 DOM was at a mid level compared with December 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 December 2024 was $684, down -1.01% from $691 from the previous month and 6.88% higher than $640 from December 2023.
Inventory & MSI
The number of properties for sale in December 2024 was 5, down -16.67% from 6 from the previous month and -16.67% lower than 6 from December 2023. The December 2024 inventory was at a mid level compared with December 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2024 MSI of 1.67 months was at its highest level compared with December 2023 and 2022.
New Listings
The number of new listings in December 2024 was 0, down 0% from 2 from the previous month and 0% lower than 4 from December 2023. The December 2024 listings were at its lowest level compared to December 2023 and 2022.
