Although YTD average price per square foot is up 15% compared to last year, most of that increase came from an increased proportion of upper-end sales. When looking at price appreciation within price ranges:
< $150k: 8%
>$150k to $250k: 8%
>$250k to $500k: 11%
While there is variation within price ranges, monthly price per square foot peaked in June at $178 and has been slowly declining since—$172
Average days on market bottomed out in May at 17 days and has been rising since— 27 days in October.
As the market normalizes and seasonality returns, expect buyer demand and prices to temporarily fade while market times increase through the year end and early 2022. Prices will continue to rise in 2022, but at a slower rate. Although the number off upper end sales will continue to increase, those values will be flat compared to lower and middle price ranges.
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