RECAP OF 2022
PRICE
Prices reached record highs once again for the year but there was a definite shift in prices as the year went on. The average price exceeded $6 million for the first time and was 9% higher than the previous year. In the first half, the average was $6,620,935, a significant 17% increase from 2021. As the year went on, the average price dropped in the second half to $5,563,335, a 2% decline from 2021.
The median price (half of all homes above and half below this price) followed suit even more substantially with a 137% increase in the first half to $5,630,900 and then a 6% increase in the second half to $5,300,000.
The highest end of the market was particularly strong with 5 sales between $10 million and $20 million. 23 homes, or 30%, sold for $7 million or more and no homes sold for less than $3.1 million.
There were 37 homes, or 49%, that sold for more than list price; this compares to 55% in 2021 and only 30% in 2020. There was a dramatic shift in this statistic between the first and second halves with 68% sold over list price in the first half and only 22% in the second half.
NUMBER OF SALES
As in all surrounding cities, sales were down dramatically from the record-breaking highs of 2021 during the pandemic. There were 76 homes reported through the Multiple Listing Service in 2022, a 41% decline since the record-breaking high in 2021 of 128. Additionally, there were 4 sales of vacant land with an average price of $3.9 million.
LENGTH OF TIME TO SELL
Homes sold very fast in 2022, in fact, the fastest of any year on records dating back to 2006. Half of all homes sold in 9 days or less and the majority of homes, 63%, sold in 14 days or less. There were 26 homes that were on the market for more than 30 days, including 7 homes on the market for more than 100 days.
There was a direct correlation between days on market and price. For the 14 homes that were not accurately priced when listed and therefore required a price reduction, the median days on market was 60. All other homes had median days on market of just 8. Setting the correct price based on local market knowledge and market conditions is essential to obtaining maximum value and a timely sale.
NUMBER OF SALES
As in all surrounding cities, sales were down dramatically from the record-breaking highs of 2021 during the pandemic. There were 76 homes reported through the Multiple Listing Service in 2022, a 41% decline since the record-breaking high in 2021 of 128. Additionally, there were 4 sales of vacant land with an average price of $3.9 million.
LENGTH OF TIME TO SELL
Homes sold very fast in 2022, in fact, the fastest of any year on records dating back to 2006. Half of all homes sold in 9 days or less and the majority of homes, 63%, sold in 14 days or less. There were 26 homes that were on the market for more than 30 days, including 7 homes on the market for more than 100 days.
There was a direct correlation between days on market and price. For the 14 homes that were not accurately priced when listed and therefore required a price reduction, the median days on market was 60. All other homes had median days on market of just 8. Setting the correct price based on local market knowledge and market conditions is essential to obtaining maximum value and a timely sale.
Rollover or click map to see more information for each area.
Rollover or click map to see more information for each area.
Prices reached record highs once again for the year but there was a definite shift in prices as the year went on. The average price exceeded $6 million for the first time and was 9% higher than the previous year. In the first half, the average was $6,620,935, a significant 17% increase from 2021. As the year went on, the average price dropped in the second half to $5,563,335, a 2% decline from 2021.
The median price (half of all homes above and half below this price) followed suit even more substantially with a 137% increase in the first half to $5,630,900 and then a 6% increase in the second half to $5,300,000.
The highest end of the market was particularly strong with 5 sales between $10 million and $20 million. 23 homes, or 30%, sold for $7 million or more and no homes sold for less than $3.1 million.
There were 37 homes, or 49%, that sold for more than list price; this compares to 55% in 2021 and only 30% in 2020. There was a dramatic shift in this statistic between the first and second halves with 68% sold over list price in the first half and only 22% in the second half.
As in all surrounding cities, sales were down dramatically from the record-breaking highs of 2021 during the pandemic. There were 76 homes reported through the Multiple Listing Service in 2022, a 41% decline since the record-breaking high in 2021 of 128. Additionally, there were 4 sales of vacant land with an average price of $3.9 million.
Homes sold very fast in 2022, in fact, the fastest of any year on records dating back to 2006. Half of all homes sold in 9 days or less and the majority of homes, 63%, sold in 14 days or less. There were 26 homes that were on the market for more than 30 days, including 7 homes on the market for more than 100 days.
There was a direct correlation between days on market and price. For the 14 homes that were not accurately priced when listed and therefore required a price reduction, the median days on market was 60. All other homes had median days on market of just 8. Setting the correct price based on local market knowledge and market conditions is essential to obtaining maximum value and a timely sale.