Hello and welcome, this is Nolan with DiscoverNChomes & Nolan’s News and wanted to look at numbers. The specific segment is going to be in St James.
So interesting again, we’re still breaking records but, again, very short portion of the year. So these numbers I’m looking at are compared January 1st through March 2nd of 2022 compared to January 1st through March 2nd of 2023. So very interesting, and this is just looking at homes and condos and town homes sold in St James.
So, the number of homes, condos and town homes sold in that time period: we had 46 sales last year already from January 1st to March 2nd. This year we only have 26 sales and currently 22 homes on the market. So we are experiencing a shortage that even compared to last year is more significantly worst what we’re seeing now than what we saw last year.
Great news for the community, the average sales price in those two short months, again January to March 2nd was $545,000. We have seen a $100,000 increase in our sales price over the last year. So our average sales price from January 1st to March 2nd, 2023 is $646,000. So huge $100,000 increase again within a year time period.
The average price per square foot, which again we value homes, condos and town homes- last year the average sales price was $221 a heated square foot. This year we’ve jumped to $246 a heated square foot.
So the takeaway: even though you hear this doom and gloom on the media about things slowing down, inventory coming back, St. James is not only holding their own, we have increased our sales price, increased our price per square foot and we’re lower inventory now than we’ve ever seen before.
So just interesting stuff, if you’re a seller, now is the time to put your home on the market because we’re still seeing that strong market. If you’re a buyer, I don’t know what to say… I guess get in until it keeps going up. It will be very interesting to see how the rest of the year plays out, but very good news for the community itself. Thank you, if you have any questions just let us know.
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