The overview below shows real estate activity from January 2023 to November 2023. You will see data comparisons between November and the previous month, the last three months and November 2022.
Average & Median Sales Price
The median sales price in November 2023 was $1,290,000, up 4.45% from $1,235,000 from the previous month and 4.86% higher than $1,230,250 from November 2022. The November 2023 median sales price was at its highest level compared to November 2022 and 2021. The average sales price in November 2023 was $1,290,000, up 12.05% from $1,151,250 from the previous month and 2.47% higher than $1,258,875 from November 2022. The November 2023 average sale price was at its highest level compared to November 2022 and 2021.
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 2023 sales price/list price ratio was 104.12%, up from 99.16% from the previous month and up from 96.06% from November 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in November 2023 was 1, down -75.00% from 4 from the previous month and -75.00% lower than 4 from November 2022. The November 2023 sales were at its lowest level compared to November 2022 and 2021. 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 2023 was 51 days, up 88.89% from 27 days from the previous month and -10.53% lower than 57 days from November 2022. The November 2023 DOM was at a mid level compared with November 2022 and 2021.
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 2023 was $620, equal to the previous month and 13.35% higher than $547 from November 2022.
Inventory & MSI
The number of properties for sale in November 2023 was 7, up 16.67% from 6 from the previous month and 40.0% higher than 5 from November 2022. The November 2023 inventory was at its highest level compared with November 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2023 MSI of 7 months was at its highest level compared with November 2022 and 2021.
