Over List, September

2023 | Over List

Written by Jim the Realtor

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October 27, 2022

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3 Comments

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NSDCC Average and Median Prices by Month

Month	# of Sales	Avg. LP	Avg. SP	Median LP	Median SP
Feb	224	$2,298,797	$2,257,334	$1,719,500	$1,758,000
March	252	$2,295,629	$2,260,524	$1,800,000	$1,825,000
April	357	$2,396,667	$2,403,962	$1,799,900	$1,828,000
May	300	$2,596,992	$2,581,715	$1,900,000	$1,994,500
June	348	$2,509,175	$2,537,953	$1,900,000	$1,967,500
July	311	$2,421,326	$2,442,738	$1,795,000	$1,855,000
Aug	268	$2,415,075	$2,438,934	$1,897,000	$1,950,000
Sept	278	$2,479,440	$2,445,817	$1,899,000	$1,987,500
Oct	248	$2,754,470	$2,705,071	$1,899,000	$1,899,500
Nov	199	$2,713,693	$2,707,359	$1,999,000	$2,100,000
Dec	189	$2,686,126	$2,664,391	$1,985,000	$2,157,500
Jan	140	$2,828,988	$2,855,213	$2,234,944	$2,240,000
Feb	158	$3,063,331	$3,108,907	$2,149,500	$2,386,500
Mar	207	$3,247,251	$3,337,348	$2,400,000	$2,625,000
Apr	227	$3,190,161	$3,251,604	$2,350,000	$2,550,000
May	214	$2,941,080	$3,030,794	$2,350,000	$2,480,000
Jun	188	$2,871,956	$2,881,314	$2,297,500	$2,350,000
Jul	152	$2,892,729	$2,833,588	$2,272,000	$2,280,000
Aug	161	$2,953,967	$2,849,332	$2,200,000	$2,150,000
Sep	134	$2,652,892	$2,560,764	$2,134,500	$2,020,000

BOTH THE AVERAGE AND MEDIAN SALES PRICES ARE -23% SINCE MARCH.

We saw that the difference needed to fully compensate for the higher rates is -30%. We’re almost there, and the full effect should be built in by springtime!

Please note that I didn’t say home prices are down 23%.

The median sales price is 23% lower than it was six months ago.

3 Comments

Mozart on October 28, 2022 at 7:49 am

Bingo.
NSD on October 28, 2022 at 10:02 am

How much is ppsq down? Was the average home purchased in Sept smaller?
Jim the Realtor on October 29, 2022 at 6:44 am

In March there was 207 sales with an avg of $1,028/sf and the avg house size was 3,498sf. There were 32 sales over $5,000,000, and 5 sales over $10,000,000.

In Sept there were 134 sales with an avg of $911/sf and the avg house size was 2,887sf. There were 8 sales over $5,000,000 and none over $10,000,000.

But nobody looks that close at the details – they just want to look at the median sales price and say it means every house has lost value.