|
Average List Price |
$498,232 |
Up |
|
Median List Price |
$299,700 |
Up |
|
Average Sales Price |
$319,306 |
Up |
|
Median Sales Price |
$255,000 |
Up |
|
Number of Properties Sold |
387 |
Up |
|
Average Days on Market |
60 |
Down |
|
Number of Properties for Sale |
1,096 |
Up |
|
Month's Supply of Inventory |
2.83 |
Down |
|
New Listings |
440 |
Up |
Average & Median Sales Price
The median sales price in March 2023 was $255,000, up 13.33% from $225,000 from the previous month and 15.91% higher than $220,000 from March 2022. The March 2023 median sales price was at its highest level compared to March 2022 and 2021. The average sales price in March 2023 was $319,306, up 1.16% from $315,651 from the previous month and -1.42% lower than $323,919 from March 2022. The March 2023 average sale price was at a mid level compared to March 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 March 2023 sales price/list price ratio was 98.64%, up from 97.65% from the previous month and down from 99.7% from March 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in March 2023 was 387, up 41.24% from 274 from the previous month and 1.57% higher than 381 from March 2022. The March 2023 sales were at a mid level compared to March 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 March 2023 was 60 days, down -9.09% from 66 days from the previous month and 5.26% higher than 57 days from March 2022. The March 2023 DOM was at a mid level compared with March 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 March 2023 was $188, up 1.62% from $185 from the previous month and 7.43% higher than $175 from March 2022.
Inventory & MSI
The number of properties for sale in March 2023 was 1,096, up 6.51% from 1,029 from the previous month and 16.72% higher than 939 from March 2022. The March 2023 inventory was at its highest level compared with March 2022 and 2021. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2023 MSI of 2.83 months was at its highest level compared with March 2022 and 2021.
New Listings
The number of new listings in March 2023 was 440, up 39.68% from 315 from the previous month and -13.73% lower than 510 from March 2022. The March 2023 listings were at its lowest level compared to March 2022 and 2021.
