NOVEMBER 2024 – FALL SALES CONTINUE TO FLOURISH
Last month we continued to see the trend of an upward shift in sale patterns when compared with the same time period in the previous year. This was especially noticeable in the single family home sector of the market. Below we have broken down how both inventory levels and sales have been affected in the different sectors as we continue on into the fall market.
In October 2024, we saw a increase of almost 39% in residential property sales over the previous year, while our total listing inventory increased by 25% to 3,004 listings in total. Currently, the overall average price (all residential property categories combined) is sitting 3% above the average during the same time last year, landing at $839,307.
The table below shows the breakdown on where the 365 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 62 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 nearly 60% coupled with a 24% increase in inventory over October of last year.
The average price for the month came in above the Million Dollar mark, and is now sitting 6% above last October’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen a nearly 32% increase in sales compared to October of last year. Despite a 27% increase in inventory, townhomes are still making up only 14% of all available listings. The average sale price finished at $715,513 – a decrease of almost 3% 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 22% while the inventory increased by 33%!
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 10th month of 2024 went compared to the same time periods in the previous 3 years. In October of 2023 there were 9.1 months of inventory whereas this year we are sitting at 8.2. This means we are continuing in a strong buyers market at this time despite a small dip in the months of inventory.
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!
