SUE ADLER TEAM’S MARKET COMMENTARY ON GSMLS DATA*

Average Days On Market

The average days on market in 2022, at only 24, is the lowest ever in GSMLS history. Historically-low inventory, coupled with high buyer demand, continued to create a “perfect storm,” like sellers in 2021 experienced. Even in the second half of the year, homes that were priced right and prepared for sale, routinely sold within the first or second weekend on the market. The Sue Adler Team’s average days on market (including attorney review) was only 11, which is 54% less than the market average.

Original List To Sale Ratio

The average original list-to-sale price ratio across the 1,723 sales in our train line towns, was an eye popping 106%, compared to the Sue Adler Team’s 108%. Another impressive stat, this overall average indicates that a home’s winning bidder paid nearly $75,000 over list price. Of the Sue Adler Team’s 105 list-side transactions, the average home sold $144,000 above list price.

Selling Prices

The average sale price across the Midtown Direct train line towns totaled $1,184,229, the highest on record. Appreciation levels were unprecedented, as low supply and high demand continued to drive up pricing. While the fall and winter showed that this might level off in 2023, through the first two months of the year, we continue to see record-breaking prices across the board.

INVENTORY & SALES

Inventory is THE key metric when analyzing the real estate market. Throughout 2022, we heard people say, time and time again, “there is nothing for sale!” and the stats certainly support this. 2022 bested 2021 as the year with the fewest new listings to hit the market in MLS history. In 2019, a comparably strong year for real estate, there were 3,137 homes for sale, meaning we were 1,000 homes short in 2022. When inventory falls, it naturally curbs total sales, giving the false impression that the market is slowing, when in actuality it is a supply and demand issue, no different than what we experienced with toilet paper in April 2020.

360 TOTAL LISTED

PRICE RATIO 28 AVERAGE DAYS ON MARKET

HOUSING* MARKET OVERALL* 327 TOTAL TRANSACTIONS 104.06% AVERAGE ORIGINAL LIST TO