New residential listings were down 12.9% year-over-year from December 2021. New residential listings were also down month-over-month, decreasing 38.8% from November 2022. Overall inventory in the GEA was up 6.1% from December of last year but decreased 21.8% from November 2022.
For December, single-family home unit sales are down both 31.9% from December 2021 and 24.2% from November 2022 at 537. Condo unit sales were down 2.8% year-over-year and decreased 15.5% from November 2022. Duplex/rowhouse unit sales also decreased 41.9% year-over-year and 33.6% month-over-month.
All residential average prices are at $361,172, a 5.2% decrease from December 2021, and a 1.9% decrease from November 2022. Single-family homes averaged $457,371, a 1.0% year-over-year decrease and a 0.6% increase from November 2022. Condominiums sold for an average of $207,114, resulting in a 4.6% decrease year-over-year, with prices down 4.4% compared to November 2022. Duplex prices decreased 1.9% from December 2021, selling at $356,822, with a 0.7% decrease from November 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $373,200, seeing both a 0.9% decrease from December 2021 and 0.1% from November 2022.
Single-family homes averaged 52 days on the market, a six-day increase from December of last year. Condos averaged 70 days on the market, increasing five days year-over-year, while duplexes averaged 47 days on the market, with no change being reported from December 2021. Overall, all residential listings averaged 58 days on the market, increasing by six days both year-over-year and from November 2022.