SEPTEMBER 2024 – MID-SUMMER SALES DECLINE
Last month we saw a change in sales patterns compared with last summer. Below we have a breakdown of how both inventory levels and sales have been affected in different sectors of the market as August came to a close.
In August 2024, we saw a decrease of 11% in residential property sales over the previous year, while our total listing inventory increased by 41% to 3,301 listings in total. Currently, the overall average price (all residential property categories combined) is sitting about 1% under the average during the same time last year, landing at $811,547
The table below shows the breakdown on where the 317 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 59 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 8% coupled with a 42% increase in inventory over August of last year.
The average price for the month came in above the Million Dollar mark, however it is still sitting 3% below last August’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen a 23% decrease in sales compared to August of last year. Despite a 40% increase in inventory, townhomes are still making up only 13% of all available listings. The average sale price finished at $717,399 – a decrease of less than 1% 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 23% while the inventory increased by almost 49%!
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 8th month of 2024 went compared to the same time periods in the previous 3 years. In August of 2023 there were only 6.5 months of inventory whereas this year we are seeing 10.4! This means we are continuing to sit in a steady 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!
