AUGUST 2024 – INCREASED SALES TO KICK OFF THE SUMMER
This July we saw a small increase in sales to kick off the start of the summer market. Below we have a breakdown of how both sales and inventory levels have been affected in different sectors of the market as the year progresses.
In July 2024, we saw a increase of 2% in residential property sales over the previous year, while our total listing inventory increased by nearly 41% to 3,360 listings in total. Currently, the overall average price (all residential property categories combined) is sitting about 1% above the average during the same time last year, landing at $849,872.
The table below shows the breakdown on where the 417 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 53 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 1% coupled with a nearly 41% increase in inventory over July of last year.
The average price for the month came in above the Million Dollar mark, however it is still sitting about 5% below last July’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen a 3% increase in sales compared to July of last year. Despite a 36% increase in inventory, townhomes are still making up only 13% of all available listings. The average sale price finished at $729,059 – a increase of 2% 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 5% while the inventory increased by 46%!
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 7th month of 2024 went compared to the same time periods in the previous 3 years. In July of 2023 there were only 5.9 months of inventory whereas this year we are seeing 8.1! 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!
