June was a remarkable month in sales with 77 sales of which 10 were over $5 million including the highest and third highest sales for the years.
Here are the highlights:
- Sales took a sharp upturn in June 2023 ending the month with 77 sales of single family homes
- This was up from 50 sales in May 2023 and 8 sales above the 69 sales we had in June 2022
- We are still below our 10-year, pre-Covid average of 74 sales in June due to very low inventory
- Our prices continue to appreciate in 2023 with the average price now $3,143,597
- Our median price is up to $2,550,000 or 37% since the 1st half of 2018
- We are up 1% or $25,000 from last year’s median of $2,525,000, which is small, but other areas of the U.S. are seeing prices drop
- Our price per s.f. is up 3.2% from last year
- We only have 146 listings which is new record for the end of the first half
- We dropped 17 contracts from May to June this year as a result of many deals closing in June
- Year-to-date our 252 first half sales is down 24% from last year’s 331 sales
- We have higher sales if we had more inventory
- Our inventory levels have dropped steadily since 2019 and are now setting record lows each week
- Overall, our inventory is down 80% since 2019, when we had 5 listings for every listing we have now
- The biggest drop in inventory since 2019 is from $1 – 2 million where inventory is down 91%
- Very low inventory makes for very low months of supply with only 3.5 months of supply market wide
- All of our price ranges up $5 months of supply are seller’s market
- Above $5 million we saw big drops in months of supply when you annualize June sales which was a good month for high-end sales
Mark Pruner is a Realtor with Compass. He can be reached at 203-817-2871 or mark.pruner@compass.com
