JANUARY 2025 – CLOSING OUT THE YEAR WITH ANOTHER STRONG MONTH OF SALES
Last month we saw an uptick in sales when compared with last December’s numbers. The condo sector stood out from the rest with a more than 50% gain in sales compared to the same time period in 2023! Below we have a break down of how both inventory levels and sales have been affected in different housing sectors as we turn the page to a new year.
In December 2024, we saw a increase of 41% in residential property sales over the previous year, while our total listing inventory increased by nearly 14% to 2,282 listings in total. Currently, the overall average price (all residential property categories combined) is sitting 5% below the average during the same time last year, landing at $821,071.
The table below shows the breakdown on where the 251 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 71 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 41% coupled with another nearly 16% increase in inventory over December of last year.
The average price for the month came in above the Million Dollar mark, and is now sitting 7% above last December’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen a almost 38% increase in sales compared to December of last year. Despite a 8% increase in inventory, townhomes are still making up only 14% of all available listings. The average sale price finished at $688,309 – a decrease of 1% from the average of the same month last year.
CONDO MARKET UPDATE
The condo market too has 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 53% while the inventory increased by 19%!
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 last month of 2024 went compared to the same time periods in the previous 3 years. In December of 2023 there were 11.3 months of inventory whereas this year we are sitting at 9.1. This means we are continuing with 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!
