OCTOBER 2024 – INVENTORY LEVELS CONTINUE UPWARD TREND
Last month we began to see a upward shift in sale patterns when compared to the previous year, this was especially noticeable in the more affordable condo sector. Below we have a breakdown of how both inventory levels and sales have been affected in different sectors of the market as the summer season came to a close.
In September 2024, we saw a small increase of less than 1% in residential property sales over the previous year, while our total listing inventory increased by nearly 34% to 3,281 listings in total. Currently, the overall average price (all residential property categories combined) is sitting about 4% under the average during the same time last year, landing at $768,494.
The table below shows the breakdown on where the 263 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 increase of 1% coupled with a nearly 39% increase in inventory over September of last year.
The average price for the month came in above the Million Dollar mark, however it is still sitting almost 4% below last September’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen a 5% increase in sales compared to September of last year. Despite a 28% increase in inventory, townhomes are still making up only 13% of all available listings. The average sale price finished at $673,235 – a decrease of 6% from the average of the same month last year.
CONDO MARKET UPDATE
The condo market has also seen an increase 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 increased by nearly 14% while the inventory increased by 31%!
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 9th month of 2024 went compared to the same time periods in the previous 3 years. In September of 2023 there were 9.3 months of inventory whereas this year we are seeing 12.5 – a level of inventory we haven’t seen since the beginning of 2019! 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!
