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Competition Continues To Set Records
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October 2022
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The September median home price of $1,100,000 is up 5% from last year, and the $505,000 condo price is up 6% from last year. Median Prices appear to be leveling in 2022 and are still above last year. Median prices continue to face upward pressure from strong demand, low inventory, and competitive market conditions, even as they moderate.
The number of sales in September is down from last year and down from last month. Year-to-date, home sales are now down -16% and condo sales down -4% from last year.
Competitive pressures are easing after a surge in 2021. In September, 38% of homes sold and 30% of condos sold were bid-up over asking price. Bid-ups are a result of competitive bidding and are an indicator of strong demand, and these levels still indicate upward pressure on prices through the end of 2022.
| SINGLE FAMILY HOMES | This Month OCTOBER 2022 | Last Month SEPTEMBER 2022 | Last Year OCTOBER 2021 |
|---|---|---|---|
| Median Sale Price | $1,050,000 | $1,100,000 | $1,000,000 |
| Average Sale Price | $1,223,502 | $1,296,861 | $1,329,708 |
| Homes Sold | 219 | 284 | 390 |
| Median Days on Market | 19 | 16 | 11 |
| Bid Ups | 37% | 38% | 61% |
| CONDOMINIUMS | This Month OCTOBER 2022 | Last Month SEPTEMBER 2022 | Last Year OCTOBER 2021 |
|---|---|---|---|
| Median Sale Price | $517,000 | $505,000 | $500,000 |
| Average Sale Price | $672,766 | $610,227 | $583,091 |
| Condos Sold | 437 | 497 | 612 |
| Median Days on Market | 20 | 15 | 12 |
| Bid Ups | 30% | 30% | 41% |
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