Residential Sales Summary
February 2022
Total Residential Sales: Despite the extreme lack of inventory, we are still seeing a relatively normal number of sales this winter. Residences that come on the market, are mostly selling fast. 75 residences sold in February, which is about 9% below the 5 year average (82 sales) for the month and just slightly below the 10-year average (77). The YTD numbers (159 sales) are similar in trailing the 5-year average, but in line with the 10-year average.
While the number of transactions isn’t particularly interesting, the sales prices are quite intriguing. Thirty-three of the sales so far this year (just over 20%) have been over $2 million, including 11 sales over $5 million, 7 over $10 million, and 1 over $20 million. For comparison, for the entire year of 2017, just 6% of sales were over $2 million, only 23 sales were over $5 million and just 2 were over $10 million.
Median and Average Sales Prices: It’s a small sample size, but so far this year, the median residential sales price is $1,085,000 and the average is $1,927,057. For single-family homes only, the median is $1,212,500 and the average is $2,314,415.
Active Residential Inventory
Active Listings: We are down to 78 residences actively for sale (56 single-family homes and 22 condos). Last year, at this time, there were about 135 residences for sale and THAT seemed incredibly low. If you are looking to sell, there has literally never been less competition!
How did inventory get so low? The biggest factor has been incredibly strong demand. Buyers have been whacking away at the inventory at a record pace since May of 2020. The supply side has also contributed. We are now at 10 consecutive months of the number of new listings being below the 5 and 10-year averages for that month. The 96 new listings in February marks the second lowest February total in 10 years and is 13% lower than the 5-year average and 19% below the 10 year average for the month. Overall, the number of new listings during the last 10 months is the lowest for that period in 10 years, 22% lower than the 5 year average for the period and 20% lower than the 10-year average.
Current Pending Sales: There are currently 123 residences in contract (up from 110 last month). About 75 residences went into contract in February (down from 80 in January).
Current inventory represents 1 month of supply relative to January activity.
Sales Under $500,000: In the first 2 months of the year there were 11 residential sales under $500k, representing 6% of total sales. In the same period in 2021, 12% of sales were in this range.
Mid-Range Market Sales $500,000 to $999,999: Year to date, 63 residences sold between $500,000 and $999,999, representing 40% of total sales. For the same period in 2021, 44% of sales were in this price range.
High End Home Sales $1,000,000 to $1,999,999: 52 residences have sold between $1m - $2m, representing 33% of total sales. For the same period in 2021, 54 homes sold in this price range, representing 25% of total sales.
Luxury Home Sales Over $2 Million: 33 residences have sold over $2 million, representing 21% of sales. 11 of those sales were over $5 million, including 7 over $10m and one at $23.65 million. For the same period in 2021, 35 homes sold over $2 million, representing 17% of sales. 8 of those sales were over $5 million including 1 over $10 million.
