The overview below shows real estate activity from January 2024 to February 2024. You will see data comparisons between February and the previous month, the last three months and February 2023.
Average & Median Sales Price
The median sales price in February 2024 was $1,475,000, up 7.94% from $1,366,500 from the previous month and 55.26% higher than $950,000 from February 2023. The February 2024 median sales price was at its highest level compared to February 2023 and 2022. The average sales price in February 2024 was $1,486,000, up 10.94% from $1,339,500 from the previous month and 56.42% higher than $950,000 from February 2023. The February 2024 average sale price was at its highest level compared to February 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 February 2024 sales price/list price ratio was 101.65%, up from 99.7% from the previous month and up from 95.01% from February 2023.
Number of Properties Sold & Absorption Rate
The number of properties sold in February 2024 was 3, down -25.00% from 4 from the previous month and 200% higher than 1 from February 2023. The February 2024 sales were at its highest level compared to February 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 February 2024 was 18 days, down -21.74% from 23 days from the previous month and -81.63% lower than 98 days from February 2023. The February 2024 DOM was at its lowest level compared with February 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 February 2024 was $668, up 14.58% from $583 from the previous month and 23.48% higher than $541 from February 2023.
Inventory & MSI
The number of properties for sale in February 2024 was 8, equal to the previous month and 300% higher than 2 from February 2023. The February 2024 inventory was at its highest level compared with February 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2024 MSI of 2.67 months was at its highest level compared with February 2023 and 2022.
New Listings
The number of new listings in February 2024 was 6, equal to the previous month and 100% higher than 3 from February 2023. The February 2024 listings were at a mid level compared to February 2023 and 2022.
