Summer 2022 Market Update

Page 1

S U M M E R 20 2 2

Market Update



Swampscott 781.593.6111 300 Salem Street Swampscott, MA 01907

Marblehead 781.631.8800 One Essex Street Marblehead, MA 01945

With Summer close to an end and the Fall season approaching – We are getting ready for back to school and cooler weather. With all the changes ahead, the real estate market remains active and enticing in our coastal communities. It is more important than ever to have a trusted advisor by your side to help you interpret what the market changes mean for you and your real estate goals. In this Summer edition of our 2022 market update, we provide statistics and key insights impacting home buyers and sellers here on the North Shore. Should Fall find you considering a change of address, allow us to assist you. Sagan Harborside Sotheby’s International Realty ® proudly provides a luxury real estate experience at every price point. We are your neighbors and friends and know the beauty and value of every community north of Boston. Our team of experienced and knowledgeable sales associates offer you unsurpassed skills, experience, and personal service. Whether you are looking to buy or sell, here, throughout the north shore, or around the world - nothing compares.

info@saganharborside.com saganharborside.com


WELCOME TO OUR

Contents

2022 Summer Market Update

N O T E S & A B B R E V I AT I O N S . . . 5 E SS E X C O U N T Y . . . . 6 – 1 1 B E V E R LY . . . 1 2 – 1 3 GLOUCESTER ... 14–15 M A N C H E S T E R- B Y-T H E - S E A . . . 1 6 – 1 7 MARBLEHEAD .... 18–19 NAHANT ... 20–21 ROCKPORT ... 22–23 SA L E M . . . 2 4 – 2 5 SWA M P S C O T T . . . 2 6 – 2 7


S U M M E R U P D AT E | 2 0 2 2

Notes and Abbreviations MEDIAN PRICE

The price in the very middle of a data set, with exactly half of the houses priced for less and half priced for more. It is not the average price. Median prices exclude distressed sales – foreclosures and short sales – because these are not normally arms-length transactions. “Sales” include everything. Look at this list of numbers: 5,6,7,8,9,10,11,12,13,14,15,100,100. The median price – the middle one – is 11. The average is 24. Median price removes the impact of outliers – whether high or low. If 50% of sales take place above $100,000 and 50% below then the median will be $100,000. When the percentage increases to 60% above $100,000, it means that more sales are occurring at higher prices and so the median price increases.

DTO

Days to Offer. The number of days a property is listed before an accepted offer is received. A more reliable guide to activity than DOM – Days on Market – as a number of factors can affect the timing for the latter,

MONTHS OF SUPPLY

If 60 properties have sold in the last 6 months that is a rate of 10 per month. If there are currently 20 properties for sale the supply is 20 divided by 10 = 2 months. Because properties sell more quickly in summer months, we use Year to Date (YTD) numbers to even out those fluctuations.

SFH

Y TD

DOM

YOY

Single Family Home

Year to Date

Days on Market

Year on Year


Essex County Summer Review Despite the Russian invasion of Ukraine, the spike in mortgage rates, the stock market correction and increased talk of recession, the market continued on its upward path in the first half of 2022 (H1 2022).

SFH and Condo Median Price The median SFH price, as in every year this century, increased from Q1 to Q2, and was up 4.1% to $630,000 in H1 2022. Sales declined by 11%, reflecting the much lower inventory, especially in Q1. Inventory has, however, tripled from the extremely low levels in Q1. Whereas in the April report SFH inventory was less than half the level of 2020, by late July it had reached 2020 levels. The median condo sale price increased 11% while sales also dropped by 11%.

Fixed Rate Mortage The 30-year Fixed Rate Mortgage (FRM) spiked from 3.1% at the end of 2021 to 4.7% at the end of March and reached a multi-year high of 5.8% in late June. The Federal Reserve has, belatedly, been increasing its interest rate (Fed Funds rate – FFR) rapidly in recent months. The FFR affects banks’ prime rates, used for setting interest rates on credit cards and auto loans. The 30-year Fixed Rate Mortgage (FRM) is determined by market forces, and in particular is priced as a premium – or spread – over the yield on the 10-year Treasury (10T), which reflects both the outlook for the economy and its status as a safe haven in times of uncertainty. Since peaking at 3.5% in mid-June the yield on 10T has dropped and stayed largely under 3% on concerns that the economy has slowed sharply and may be heading into a recession. The 5.8% FRM increasingly looks like a peak. The dominant factor in the housing market for several years has been the supply demand imbalance, a situation that has eased significantly in the last quarter.


Essex County

S U M M E R U P D AT E | 2 0 2 2

HOUSING MARKE T BY THE NUMBERS

Essex County continues to be an extremely strong sellers’ market.

SFH SOLD UNITS | JANUARY – J UNE 202 2

Traditionally, a market is said to be in equilibrium between buyers and sellers when there is 6 months

6%

of supply, although in the current era of online listing

11%

and video viewing that period may well be shorter. 3

22%

1,500+

months ago active inventory was less than half the

1,000-1,499

level of 2020; today it exceeds 2020 levels, but it remains a strong sellers’ market.

750-999

17%

LIST PRICE

SUPPLY (M o n th s)

$0k–$499k

0.9

$500k–$599k

0.9

$600k–$749k

1.2

$750k–$999k

2.0

$1M–$1.499M

1.8

$1.5M+

5.8

All Prices

1.5

600-749

21%

500-599 0-499

23%

$0k–$499k

$500k–$599k

$600k–$749k

$750k–$999k

$1M–$1.499M

$1.5M+

SINGLE FAMILY HOME | SALE PRICE TO LIST PRICE | H1 202 2 VS H1 2021

H1 2022 H1 2021

78%

OVER 110% OF LIST PRICE

of SFH sales were over list price in H1 2022 (vs 75% in H1 2021) >100%

100%

34% of SFH sales were at

< 100%

110% or more of list price (vs 28% in 2021)

0%

10%

20%

30%

40%

50%

60%

70%

80%


Essex County HOUSING MARKE T BY THE NUMBERS

MEDIAN PRICE

MEDIAN PRICE

%

# SALES

# SALES

%

H1 2021

H1 2022

CHANGE

H1 2021

H2 2022

CHANGE

Amesbury

$484,000

$577,000

19.2%

58

56

–3.4%

Andover

$840,000

$990,000

17.9%

160

147

–8.1%

Beverly

$630,000

$631,000

0.2%

124

129

4.0%

Boxford

$900,000

$982,000

9.1%

48

49

2.1%

Danvers

$640,000

$630,000

–1.6%

101

88

–12.9%

Essex

$772,500

$765,000

–1.0%

12

5

–58.3%

Georgetown

$580,000

$625,000

7.8%

37

43

16.2%

Gloucester

$600,000

$617,500

2.9%

61

59

–3.3%

Groveland

$615,000

$550,000

–10.6%

33

31

–6.1%

Hamilton

$790,000

$857,500

8.5%

50

38

–24.0%

Haverhill

$450,000

$506,000

12.4%

181

180

–0.6%

Ipswich

$806,633

$704,500

–12.7%

58

56

–3.4%

Lawrence

$380,000

$443,000

16.6%

78

82

5.1%

Lynn

$462,500

$517,500

11.9%

248

220

–11.3%

Lynnfield

$850,000

$1,195,000

40.6%

52

45

–13.5%

Manchester

$1,200,000

$1,205,000

0.4%

29

33

13.8%

Marblehead

$810,000

$875,000

8.0%

104

73

–29.8%

Merrimac

$560,000

$687,500

22.8%

20

24

20.0%

Methuen

$460,000

$515,000

12.0%

192

174

–9.4%

Middleton

$732,500

$890,000

21.5%

40

22

–45.0%

Nahant

$823,000

$995,000

20.9%

15

10

–33.3%

Newbury

$810,000

$776,500

–4.1%

34

22

–35.3%

Newburyport

$853,500

$930,000

9.0%

85

55

–35.3%

North Andover

$797,450

$887,500

11.3%

114

96

–15.8%

Peabody

$599,000

$598,750

0.0%

146

126

–13.7%

Rockport

$925,000

$782,500

–15.4%

29

18

–37.9%

Rowley

$715,000

$873,200

22.1%

35

30

–14.3%

Salem

$534,000

$630,000

18.0%

80

93

16.3%

Salisbury

$500,000

$530,000

6.0%

30

30

0.0%

Saugus

$545,000

$630,500

15.7%

119

92

–22.7%

Swampscott

$690,000

$795,000

15.2%

68

49

–27.9%

Topsfield

$795,000

$816,744

2.7%

25

28

12.0%

Wenham

$998,000

$870,000

–12.8%

22

27

22.7%

West Newbury

$810,000

$740,000

–8.6%

32

15

–53.1%

Source: MLSPIN, OliverReportsMA.com


Market Snapshot

S U M M E R U P D AT E | 2 0 2 2

H1 202 2 VS H1 2021

ESSEX COUNT Y

M A S S AC H U S E T T S

$630,000

4.1%

$579,500

10.4%

SF H M ED IA N SA L E S P RI C E

VS . H1 20 2 1

SF H M ED I A N S A LE S P RI C E

VS . H1 20 2 1

2,245

–10.9%

21,025

–10%

H O M E S SO L D

VS . H1 20 2 1

H O M E S SO L D

VS . H1 20 2 1

ESSEX CONDO

M A S S AC H U S E T T S C O N D O

$419,950

10.8%

$515,000

7.3%

M ED IA N SA LE S P RI C E

VS . H1 20 2 1

M ED I A N S A LE S P RI C E

VS . H1 20 2 1

1,203 C O N D O S SO L D

–10.5%

10,334

VS . H1 20 2 1

C O N D O S SO L D

–12% VS . H1 20 2 1

M A S S AC H U S E T T S C O N D O E XC L U D I N G B O S T O N

BOSTON CONDO

$445,000

8.5%

$735,000

5.2%

M ED IA N SA LE S P RI C E

VS . H1 20 2 1

M ED I A N S A LE S P RI C E

VS . H1 20 2 1

7,779

–11.8%

2,555

–12.6%

C O N D O S SO L D

VS . H1 20 2 1

C O N D O S SO L D

VS . H1 20 2 1


Essex County HOUSING MARKE T BY THE NUMBERS

SINGLE FAMILY HOME (SFH) INVENTORY

SFH inventory has tripled from Q1 levels and by late July it had reached 2020 levels. The increased speed with which properties sell in recent years means that the number of sales has declined much less than active inventory, but sales were still down 10-12% in all categories. The impact of much higher mortgage rates had no obvious impact on sales or prices in Q2, which started with mortgage rates already close to 5%.

700 600

Quarterly Average Inventory

500

Monthly Inventory

400 300 200 Q1

0

Q2

Q3

Q4

Q1

2020

Q2

Q3

Q4

2021

Q1

Q2

2022

DAYS TO ACCEP TED OFFER – 1 5 DAYS OR LESS

Sin gle Fa mil y H o m e s

C o n d os

1.0%

100%

0.9%

90%

0.8%

80%

0.7%

70%

0.6%

60%

0.5%

50%

0.4%

40%

0.3%

Jul

Oct

Jan '22

Apr

Jun

30%

Jul

After the seasonal slowdown late 2021 into early 2022, the pace of sales accelerated

Oct

Jan '22

Apr

Jun


S U M M E R U P D AT E | 2 0 2 2

ESSE X COUNT Y AND MASSACHUSE T TS SFH VS. BOSTON SFH AND CONDOS 20 0 8 – J UNE 202 2

Boston Condos

Boston SFH

MA SFH

Essex Conty SFH

2.3

From 2008 to 2018 Boston Condo prices kept pace with Boston SFH prices, with both comfortably out-performing Essex County and Massachusetts overall. Since 2018, median SFH prices in Essex and MA have increased sharply, as have Boston SFHs, but the growth in median Boston condo prices has slowed.

2.1 1.9 1.7 1.5 1.3 1.1 0.9

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Jun 2022

All data is converted to a base of 1.00 in 2008. For example, the Essex County median price in 2008 was $335,000 and in the first half of 2022 it was $630,000. Using 2008 as 1.00 produces a 6/2022 value of $630,000/$375,000 or 1.88. Similarly, the other values are converted to a base of 1.00 in 2008.

MORTGAGE R ATES FREDDIE MAC | PRIMARY MORTGAGE SURVE Y®

U.S . We e kl y Ave r a ge M o r t g a ge Rate s as of 7/2 1 /202 2

5. 5 4% 3 0Y F RM

4 .75% 1 5 Y F RM

4 . 31% 5/ 1 A RM

The 30-year Fixed Rate Mortgage (FRM) spiked from 3.1% at the end of 2021 to 4.7% at the end of March, and to a multi-year high of 5.8% in June.


B e ve rly

Beverly AT A GL ANCE

$631,000 Single Family Home Median Price on 129 Sales in H1 2022

$410,000 Condo Median Price on 54 Sales in H1 2022

Key M e tric s

H 1 202 1

H 1 202 2

Median SFH Price

$630,000

$631,000

Sales

124

129

DTO

6

7

Median Condo Price

$368,000

$410,000

Sales

77

54

DTO

7

6

As of 7/21/21

As of 7/22/22

SFH For Sale

22

25

Condos For Sale

7

11


S U M M E R U P D AT E | 2 0 2 2

SHARE OF SFH SALES BY PRICE JANUARY – J UNE 202 2

5%

12%

$1,000+

$0 – $499,999

$750-999

1 4%

$500,000 – $599,999

The SFH Median Price in the first half of 2022 (H1 2022) was virtually unchanged from 2021, while sales were

$600-749

$600,000 – $749,999 32%

$750,000 – $999,999

$500-599 $0-499

$1,000,000+

slightly higher. The median Condo sold price increased 11%, while sales returned to the 2020 level.

37%

SFH SALE PRICE TO LIST PRICE | H1 202 2 VS H1 2021

OVER 110% OF LIST PRICE

H1 2022 H1 2022

H1 2021

> 100%

H1 2021

100%

< 100% 0%

20%

40%

60%

80%

40%

81%

110% of List Price

Above List Price

1%

18%

At List Price

Below List Price

100%

MEDIAN PRICES | SFH VS CONDO

$600,000

SFH

$500,000

CondoSFH

$400,000 $300,000 $200,000 $100,000

2013

2014

2015

2016

2017

Note: 12-month rolling average of quarterly median prices.

2018

2019

2020

2021

2022

CONDO


Gl o uce ste r

Gloucester AT A GL ANCE

$617,500 Single Family Home Median Price on 59 Sales in H1 2022

$511,000 Condo Median Price on 53 Sales in H1 2022

Key M e tric s

H 1 202 1

H 1 202 2

Median SFH Price

$600,000

$617,500

Sales

61

59

DTO

7

6

Median Condo Price

$440,000

$511,000

Sales

63

53

DTO

11

12

As of 7/21/21

As of 7/22/22

SFH For Sale

23

24

Condos For Sale

11

6


S U M M E R U P D AT E | 2 0 2 2

SHARE OF SFH SALES BY PRICE JANUARY – J UNE 202 2

1 4%

$0 – $499,999

3%

27%

$1,500 plus

8%

$500,000 – $599,999

The SFH Median Price

$1,000-1.499

increased 3% in the first half

$600,000 – $749,999

$750-999of

12%

$750,000 – $999,999

2022 (H1 2022, while sales

eased again to the lowest level $600-749

since 2009. The median Condo

$1,000,000 – $1.499,000

sold price increased 16%

1 5%

$500-599

driven by new construction

$1,500,000+ $0-499

2 4%

and conversions.

SFH SALE PRICE TO LIST PRICE | H1 202 2 VS H1 2021

OVER 110% OF LIST PRICE

H1 2022 H1 2021

H1 2021

> 100%

H1 2022

100%

< 100% 0%

10%

20%

30%

40%

50%

60%

29%

66%

110% of List Price

Above List Price

15%

19%

At List Price

Below List Price

70%

MEDIAN PRICES | SFH VS CONDO

$600,000

SFH

$500,000

CondoSFH

CONDO

$400,000 $300,000 $200,000 $100,000

2013

2014

2015

2016

2017

Note: 12-month rolling average of quarterly median prices.

2018

2019

2020

2021

2022


Ma nche ste r-b y-t he - Se a

Manchesterby-the-Sea AT A GL ANCE

$1,205,000 Single Family Home Median Price on 33 Sales in H1 2022

13 Median Days to Offer in H1 2022 (vs 12 in H1 2021)

Key M e tric s

H 1 202 1

H 1 202 2

Median SFH Price

$1,200,000

$1,205,000

Sales

29

33

DTO

12

13

As of 7/21/21

As of 7/22/22

12

15

For Sale


S U M M E R U P D AT E | 2 0 2 2

SHARE OF SFH SALES BY PRICE JANUARY – J UNE 202 2

9% $2,000 plus

$500,000 – $749,000

27%

The SFH Median Price increased was basically

$1,500-1,999

unchanged in the first half of

$750,000 – $999,999

2022 (H1 2022), while sales

$1,000-1,499

$1,000,000 – $1,499,999

were the highest in the last

37%

$750-999

$1,500,000 – $1,999,000

Condo sales – at $750,000

12%

$2,000,000 +

decade. There were just 2

$500-749

and $840,000.

1 5%

SFH SALE PRICE TO LIST PRICE | H1 202 2 VS H1 2021

OVER 110% OF LIST PRICE

H1 2022

H1 2021

H1 2021

H1 2022 110% of

> 100%

100%

< 100% 0%

18%

10%

20%

30%

40%

50%

60%

70%

61%

List Price

Above List Price

6%

33%

At List Price

Below List Price

80%

MEDIAN PRICES SFH

SFH

$1,200,000 $1,100,000 $1,000,000 $900,000 $800,000 $700,000 $600,000

2013

2014

2015

2016

2017

Note: 12-month rolling averages of semiannual median prices.

2018

2019

2020

2021

2022

SFH


Ma rbl ehe a d

Marblehead AT A GL ANCE

$875,000 Single Family Home Median Price on 73 Sales in H1 2022

$505,000 Condo Median Price on 19 Sales in H1 2022

Key M e tric s

H 1 202 1

H 1 202 2

Median SFH Price

$810,000

$875,000

Sales

104

73

DTO

7

7

Median Condo Price

$485,100

$505,000

Sales

25

19

DTO

6

14

As of 7/21/21

As of 7/22/22

SFH For Sale

13

30

Condos For Sale

8

8


S U M M E R U P D AT E | 2 0 2 2

SHARE OF SFH SALES BY PRICE JANUARY – J UNE 202 2

1 1%

1 5%

8%

$1,500 plus

$0 – $599,999

The SFH Median Price in-

$1,000-1,499

creased 8% in the first half of

$600,000 – $799,999 $800,000 – $999,999

29%

2 3%

$800-999 2022

(H1 2022), while sales,

reflecting the low levels of

$1,000,000 – $1,499,999

$600-799

$1,500,000+

$0-599

inventory, dropped by 30%. The median Condo increased 4%, while sales were close to the 3- and 5-year averages.

22%

SFH SALE PRICE TO LIST PRICE | H1 202 2 VS H1 2021

OVER 110% OF LIST PRICE

H1 2022 H1 2021

H1 2021

34%

H1 2022 110% of

> 100%

100%

< 100% 0%

10%

20%

30%

40%

50%

60%

70%

73%

List Price

Above List Price

5%

22%

At List Price

Below List Price

80%

MEDIAN PRICES | SFH VS CONDO

SFH

$900,000 $800,000

Condo SFH

$700,000 $600,000 $500,000 $400,000 $300,000 $200,000

CONDO

2013

2014

2015

2016

2017

Note: 12-month rolling average of quarterly median prices.

2018

2019

2020

2021

2022


Na ha nt

Nahant AT A GL ANCE

$995,000 Single Family Home Median Price on 10 Sales in H1 2022

6.5 Median Days to Offer in H1 2022 (vs 41 days in H1 2021)

Key M e tric s

H 1 202 1

H 1 202 2

Median SFH Price

$823,000

$995,000

Sales

15

10

DTO

41

6.5

As of 7/21/21

As of 7/22/22

3

11

For Sale


S U M M E R U P D AT E | 2 0 2 2

SHARE OF SFH SALES BY PRICE JANUARY – J UNE 202 2

10 %

10%

$1,000 plus

10 %

$0 – $599,999

With half the small number of $800-999

sales in the first half of 2022

$600,000 – $799,999

(H1 2022) over $1 million,

$600-799

the median price increased

50%

$800,000 – $999,999

$0-599

$1,000,000+

to almost $1 million on just 10 sales. There were just 2

30%

Condo sales at $340,000 and $386,000 in 2021.

SFH SALE PRICE TO LIST PRICE | H1 202 2 VS H1 2021

OVER 110% OF LIST PRICE

H1 2022

20%

70%

110% of List Price

Above List Price

0%

30%

H1 2021

H1 2021 > 110%

H1 2022

100%

At List Price

< 100% 0%

10%

20%

30%

40%

50%

60%

70%

Below List Price

80%

MEDIAN PRICES SFH

SFH

$900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000

2013

2014

2015

2016

2017

Note: 12-month rolling averages of semiannual median prices.

2018

2019

2020

2021

2022

SFH


Ro ck port

Rockport AT A GL ANCE

$782,500 Single Family Home Median Price on 18 Sales in H1 2022

$447,500 Condo Median Price on 15 Sales in H1 2022

Key M e tric s

H 1 202 1

H 1 202 2

Median SFH Price

$925,000

$782,500

Sales

29

18

DTO

13

7.5

Median Condo Price

$580,000

$447,500

Sales

11

15

DTO

7

7

As of 7/21/21

As of 7/22/22

SFH For Sale

13

15

Condos For Sale

4

3


S U M M E R U P D AT E | 2 0 2 2

SHARE OF SFH SALES BY PRICE JANUARY – J UNE 202 2

15%

17 %

2 8%

$1,500 plus

$0 – $499,999

When the number of sales $1,000-1,499 is small,

$500,000 – $749,999

median prices can

fluctuate, depending upon the

$750-999

$750,000 – $999,999

make up of sales in any time

$500-749period.

$1,000,000 – $1,499,999 1 1%

$1,500,000+

In the first half of 2022

(H1 2022) the SFH Median 3 3%

$0-499

Price dropped 15% on lower sales, while the median Condo price dropped 14%.

1 1%

SFH SALE PRICE TO LIST PRICE | H1 202 2 VS H1 2021

OVER 110% OF LIST PRICE

H1 2022 H1 2021

> 100%

67%

110% of List Price

Above List Price

11%

22%

At List Price

Below List Price

H1 2021

100%

< 100% 0%

39%

H1 2022

10%

20%

30%

40%

50%

60%

70%

MEDIAN PRICES | SFH VS CONDO

SFH

$900,000

CONDO

$800,000 SFHCondo

$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000

2013

2014

2015

2016

2017

2018

Note: 12-month rolling averages of semiannual median prices.

2019

2020

2021

2022


Sa l e m

Salem AT A GL ANCE

$630,000 Single Family Home Median Price on 93 Sales in H1 2022

$440,000 Condo Median Price on 189 Sales in H1 2022

Key M e tric s

H 1 202 1

H 1 202 2

Median SFH Price

$530,000

$630,000

Sales

81

93

DTO

7

6

Median Condo Price

$420,000

$440,000

Sales

168

189

DTO

6

7

As of 7/21/21

As of 7/22/22

SFH For Sale

12

19

Condos For Sale

30

33


S U M M E R U P D AT E | 2 0 2 2

SHARE OF SFH SALES BY PRICE JANUARY – J UNE 202 2

1 8%

1 8%

$0 – $499,999 $500,000 – $599,999 $600,000 – $749,999 22%

$750,000 +

$750-plus

19%

$600-749

The SFH Median Price

$500-599

half of 2022, while sales

$0-499

increased 19% in the first returned to the 2020 level. The median Condo sold price increased 5% on the highest sales level since 2016.

42%

SFH SALE PRICE TO LIST PRICE | H1 202 2 VS H1 2021

OVER 110% OF LIST PRICE

H1 2022 H1 2021

> 100%

30%

83%

110% of List Price

Above List Price

6%

11%

At List Price

Below List Price

H1 2021

H1 2022

100%

< 100% 0%

20%

40%

60%

80%

100%

MEDIAN PRICES | SFH VS CONDO

$600,000

SFH

$550,000

CONDO Condo

$500,000

SFH

$450,000 $400,000 $350,000 $300,000 $250,000 $200,000

2013

2014

2015

2016

2017

Note: 12-month rolling average of quarterly median prices.

2018

2019

2020

2021

2022


Swa mps cott

Swampscott AT A GL ANCE

$795,000 Single Family Home Median Price on 49 Sales in H1 2022

$447,500 Condo Median Price on 24 Sales in H1 2022

Key M e tric s

H 1 202 1

H 1 202 2

Median SFH Price

$690,000

$795,000

Sales

68

49

DTO

6

7

Median Condo Price

$403,000

$447,500

Sales

38

24

DTO

8

8

As of 7/21/21

As of 7/22/22

SFH For Sale

13

17

Condos For Sale

19

8


S U M M E R U P D AT E | 2 0 2 2

SHARE OF SFH SALES BY PRICE JANUARY – J UNE 202 2

5%

15%

1 4%

$0 – $599,999

$1,500 plus

The SFH Median Price in the first half of 2022 (H1 2022)

$600,000 – $799,999

16%

$800,000 – $999,999

$1,000-1,499

was up 15% from 2021 while $800-999 sales,

reflecting the shortage

of inventory, dropped 28%.

$1,000,000 – $1,499,999

$600-799

The median Condo sold price

5 4%

$1,500,000+

$0-599 increased

1 1%

11% from the 2021

level, but sales dropped to the lowest level since 2015.

SFH SALE PRICE TO LIST PRICE | H1 202 2 VS H1 2021

OVER 110% OF LIST PRICE

H1 2022 H1 2021

> 100%

43%

78%

110% of List Price

Above List Price

4%

18%

At List Price

Below List Price

H1 2021

H1 2022

100%

< 100% 0%

10%

20%

30%

40%

50%

60%

70%

80%

MEDIAN PRICES | SFH VS CONDO

SFH

$800,000

CondoSFH

$600,000

$400,000

$200,000

$0

CONDO

2013

2014

2015

2016

2017

Note: 12-month rolling average of quarterly median prices.

2018

2019

2020

2021

2022


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