The overview below shows real estate activity from January 2022 to October 2022. You will see data comparisons between October and the previous month, the last three months and October 2021.
Average & Median Sales Price
The median sales price in October 2022 was $1,250,000, up 15.21% from $1,085,000 from the previous month and 19.16% higher than $1,049,000 from October 2021. The October 2022 median sales price was at its highest level compared to October 2021 and 2020. The average sales price in October 2022 was $1,256,950, up 12.33% from $1,119,000 from the previous month and 16.84% higher than $1,075,817 from October 2021. The October 2022 average sale price was at its highest level compared to October 2021 and 2020.
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 October 2022 sales price/list price ratio was 98%, down from 101% from the previous month and down from 102% from October 2021.
Number of Properties Sold & Absorption Rate
The number of properties sold in October 2022 was 4, down -20.0% from 5 from the previous month and -33.33% lower than 6 from October 2021. The October 2022 sales were at its lowest level compared to October 2021 and 2020. 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 October 2022 was 46 days, down -20.69% from 58 days from the previous month and 91.67% higher than 24 days from October 2021. The October 2022 DOM was at its highest level compared with October 2021 and 2020.
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 October 2022 was $512, down -13.07% from $589 from the previous month and 8.94% higher than $470 from October 2021.
Inventory & MSI
The number of properties for sale in October 2022 was 8, down -27.27% from 11 from the previous month and 100% higher than 4 from October 2021. The October 2022 inventory was at a mid level compared with October 2021 and 2020. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2022 MSI of 2 months was at its highest level compared with October 2021 and 2020.
New Listings
The number of new listings in October 2022 was 1, down -66.67% from 3 from the previous month and -85.71% lower than 7 from October 2021. The October 2022 listings were at its lowest level compared to October 2021 and 2020.
