Year-over-year indicators for Average and Median Sale Prices have declined to mid-2021 levels and the MLS® Home Price Index reflects April 2022 values. The YoY Average Sale on June 30, 2023 ($1,454,048) was 23 per cent below the high of $1,900,394 in April 2022 and down 17.5 per cent from June 30, 2022.
At the end of June there were 39 detached homes listed, almost 10 per cent above the average and median for the last 5 years and comparable to the June average of 37 over the past 5 years. The inventory of vacant land for sale sits at 42 lots at this writing, ranging from a $350,000 water access only lot at Hood Point to a $7,988,000 waterfront lot at the Cape. Year-over-year there have been 5 lots sold, well down from the 17 sold in 2022 and 18 in 2021.
April 2023 saw a record $3,625,000 paid for an inland home. The June high sale was $1,865,000 and the low was $1,000,000. June total volume of sales reached $6,536,800, significantly below the previous volumes of June 2022 ($15,245,500) and June 2021 ($24,780,000). However, compared to pre-COVID numbers, the YoY Average Sale Price in June 2023 is up 28.6 per cent from June 2020.
Currently the market has high inventory and sluggish sales with only 25 detached homes were sold YtD. Sellers will benefit from patience while Buyers will benefit from the level of choice for homes or land.
Month of June Detached Homes
SALE PRICE VS LIST PRICE
Low $859,000 $795,000
High $1,880,000 $1,865,000
Average Sale: $1,297,100
Median Sale: $1,215,900
High $1,880,000 $1,865,000
Average Sale: $1,297,100
Median Sale: $1,215,900
YoY INDICATORS
MLS®HPI: $1,436,225
Average Price: $1,452,377
Median Price: $1,307,500
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