DECEMBER 2024 – SALES THRIVE AS THE YEAR WINDS DOWN
This November we continued to see seasonally strong growth in sale patterns when compared with the same time period last year. This was especially noticeable in the more modestly priced sectors 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 final month of the year!
In November 2024, we saw a increase of 29% in residential property sales over the previous year, while our total listing inventory increased by 15% to 2,730 listings in total. Currently, the overall average price (all residential property categories combined) is sitting nearly 10% below the average during the same time last year, landing at $775,632.
The table below shows the breakdown on where the 298 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 66 days to sell a home, depending on the property type.
SINGLE FAMLY HOME MARKET UPDATE
In the Single Family Home bracket we saw a sales increase of nearly 15% coupled with another 15% increase in inventory over November of last year.
The average price for the month came in above the Million Dollar mark, and is now sitting almost 1% above last November’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen a 47% increase in sales compared to November of last year. Despite a 17% increase in inventory, townhomes are still making up only 14% of all available listings. The average sale price finished at $667,860 – a decrease of almost 1% 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 58% while the inventory increased by 18%!
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 11th month of 2024 went compared to the same time periods in the previous 3 years. In November of 2023 there were 10.3 months of inventory whereas this year we are sitting at 9.2. This means we are continuing in a strong buyers market at this time despite a 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!
