Market Overview
Property Overview
Key Highlights
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Property Sales: Significant increase with 29 properties sold, marking an 81.3% increase year over year and a 7.4% increase from the previous month.
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Inventory: The total number of for sale listings decreased by 6.3% from the previous year and by 1.7% from the previous month.
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Under Contract Listings: Saw a 10% increase from the previous month and a 43.5% increase from the previous year.
Pricing Trends
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Average Sold Price per Square Footage: Remarkable increase to $1,256, up 43.2% from the previous month and 78.2% from last year.
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Median Sold Price: Rose to $1,430,000, up 7.9% from the previous month.
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Average Sold Price: Increased to $2,494,000, up 42.8% from the previous month.
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Average For Sale Price: Was $4,048,000, up 2.8% from January 2023 and 10.9% from the previous month.
Market Dynamics
- Months of Inventory Based on Closed Sales: Decreased to 4.1 months, down 48.3% from the previous year.
- Days on Market: Slight increase of 6.7% from the previous year, indicating a neutral trend.
- Sold/Original List Price Ratio: Improved to 94%, indicating sellers are getting closer to their asking price.
6 Month Trend Analysis
Absorption Rate
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Based on Closed Sales: The absorption rate of 24.6 represents a 93.7% increase compared to last year, indicating a higher pace of sales.
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Based on Pended Sales: The rate of 28 signifies a 53.1% increase from last year, showing continued strong demand.