The overview below shows real estate activity from January 2024 to November 2024. You will see data comparisons between November and the previous month, the last three months and November 2023.
Average & Median Sales Price
The median sales price in November 2024 was $1,517,500, up 4.12% from $1,457,500 from the previous month and 17.64% higher than $1,290,000 from November 2023. The November 2024 median sales price was at its highest level compared to November 2023 and 2022. The average sales price in November 2024 was $1,596,000, up 9.50% from $1,457,500 from the previous month and 23.72% higher than $1,290,000 from November 2023. The November 2024 average sale price was at its highest level compared to November 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 November 2024 sales price/list price ratio was 99.64%, up from 97.34% from the previous month and down from 104.12% from November 2023.
Number of Properties Sold & Absorption Rate
The number of properties sold in November 2024 was 4, up 100% from 2 from the previous month and 300% higher than 1 from November 2023. The November 2024 sales were at a mid level compared to November 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 November 2024 was 29 days, down -59.72% from 72 days from the previous month and -43.14% lower than 51 days from November 2023. The November 2024 DOM was at its lowest level compared with November 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 November 2024 was $691, up 6.31% from $650 from the previous month and 11.45% higher than $620 from November 2023.
Inventory & MSI
The number of properties for sale in November 2024 was 7, down -12.50% from 8 from the previous month and 40.0% higher than 5 from November 2023. The November 2024 inventory was at its highest level compared with November 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2024 MSI of 1.75 months was at a mid level compared with November 2023 and 2022.
New Listings
The number of new listings in November 2024 was 3, equal to the previous month and -25.00% lower than 4 from November 2023. The November 2024 listings were at its lowest level compared to November 2023 and 2022.
