JUNE 2024 – LISTING INVENTORY CONTINUES TO ACCUMULATE
Last month we saw a decrease in Sales as we inched closer to summer. This may seem unexpected as spring is generally one of the busiest times of year in our local market, so what are the facts? Below we have a breakdown of how both sales and inventory levels have been affected in different sectors of the market.
In May 2024, we saw a decrease of 21% in residential property sales over the previous year, while our total listing inventory increased by 58% to 3,181 listings in total. Currently, the overall average price (all residential property categories combined) is sitting 7% below the average during the same time last year, landing at $809,710.
The table below shows the breakdown on where the 436 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 48 days to sell a home, depending on the property type.
SINGLE FAMILY HOME MARKET UPDATE
In the Single Family Home bracket we saw a sales decrease of nearly 26% coupled with a 59% increase in inventory over May of last year.
The average price for the month again came in above the Million Dollar mark, however it is still sitting 3% below last May’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market demand has had a smaller dip in sales than other categories with just a 6% decrease in sales over May of last year! Despite a 54% increase in inventory, townhomes are now making up only 12% of all available listings. The average sale price finished at $700,205 – a decrease of less than 0.5% from the average of the same month last year.
CONDO MARKET UPDATE
The condo market has again seen a dip in sales in comparison to this time last year. We also have continued to see significant increases in inventory in the condo sector this year over last. The sales decreased by 13% while the inventory increased by 56%!
SUPPLY & DEMAND
The months of inventory levels are our best way to determine the strength or weakness of the market…and to recap our benchmarks:
Less than 4 Months of Inventory is a Seller’s Market
4 to 6 Months of Inventory is a Balanced Market
More than 6 Months of Inventory is a Buyer’s Market
We’ve been tracking the Months of Inventory – the graph below outlines how the 5th month of 2024 went compared to the same time periods in the previous 3 years. In May of 2023 there were only 3.6 months of inventory whereas this year we are seeing 7.3! This means we are continuing to sit in a strong buyers market at this time.
What does all this mean? Is now the time to make a move? I would love to discuss what may be right for you – Please feel free to reach out any time!
