Housing Statistics - June 24
June 2024 was a Seller’s market! The number of for sale listings was up 55.9% from one year earlier and up 9.8% from the previous month. The number of sold listings decreased 6.8% year over year and decreased 15.5% month over month.
- The number of under contract listings was down 2.4% compared to previous month and up 8.1% compared to previous year.
- The Months of Inventory based on Closed Sales was 1.8, up 65.1% from the previous year.
- The Average Sold Price per Square Footage was down 1.4% compared to previous month and up 1.2% compared to last year.
- The Median Sold Price was the same as last month. The Average Sold Price also decreased by 1.3% from last month.
- Based on the 6 month trend, the Average Sold Price trend was “Neutral” and the Median Sold Price trend was “Appreciating”.
- The Average Days on Market showed a neutral trend, an increase of 35.3% compared to previous year.
- The ratio of Sold Price vs. Original List Price was 99%, a decrease of 1% compared to previous year.
| Jun. 24 | May. 24 | % Change | Jun. 24 | Jun. 23 | % Change | Jul. 23 to Jun. 24 | Jul. 22 to Jun. 23 | % Change | |
|---|---|---|---|---|---|---|---|---|---|
| For Sale | 1,663 | 1,515 | 9.8% up | 1,663 | 1,067 | 55.9% up | 1,663 | 1,067 | 55.9% up |
| Sold | 925 | 1,095 | -15.5% down | 925 | 992 | -6.8% down | 10,303 | 11,253 | -8.4% down |
| Pended | 1,071 | 1,097 | -2.4% down | 1,071 | 991 | 8.1% up | 10,646 | 11,167 | -4.7% down |
| Avg Days on Market | 23 | 22 | 4.5% up | 23 | 17 | 35.3% up | 24 | 30 | -20% down |
| Sold/Orig LP Diff. % | 99 | 100 | -1% down | 99 | 100 | -1% down | 99 | 97 | 2.1% up |
| Avg. Active Price | 738 | 747 | -1.2% down | 738 | 788 | -6.3% down | 743 | 692 | 7.4% up |
| Avg. Sold Price | 616 | 624 | -1.3% down | 616 | 602 | 2.3% up | 598 | 572 | 4.5% up |
| Months of Inventory (Closed Sales) | 1.8 | 1.4 | 28.9% up | 1.8 | 1.1 | 65.1% up | 1.9 | 1.1 | 70.3% up |
| Residential | 2 Bedrooms | 3 Bedrooms | 4 Bedrooms | 5+ Bedrooms | All Bedrooms |
|---|---|---|---|---|---|
| All Off Market | #Units: 99 | #Units: 511 | #Units: 343 | #Units: 65 | #Units: 1018 |
| Closed | Dollar Value: $48,685,201 Average List Price: $491,419 Average Close Price: $491,770 Average Market Time: 24 Average Square Feet: 1205 % of List Price: 100.07 |
Dollar Value: $290,181,767 Average List Price: $564,083 Average Close Price: $567,870 Average Market Time: 21 Average Square Feet: 1555 % of List Price: 100.67 |
Dollar Value: $243,898,038 Average List Price: $711,736 Average Close Price: $711,073 Average Market Time: 27 Average Square Feet: 2159 % of List Price: 99.91 |
Dollar Value: $56,142,588 Average List Price: $856,061 Average Close Price: $863,732 Average Market Time: 30 Average Square Feet: 2871 % of List Price: 100.90 |
Dollar Value: $638,907,594 Average List Price: $625,409 Average Close Price: $627,611 Average Market Time: 24 Average Square Feet: 1808 % of List Price: 100.35 |
It was a Seller’s Market
Property Sales (Sold)
June property sales were 925, down 6.8% from 992 in June of 2023 and 15.5% lower than the 1,095 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 596 units of 55.9%. This year’s bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory was up 9.8% compared to the previous month.
Property Under Contract (Pended)
There was a decrease of 2.4% in the pended properties in June, with 1,071 properties versus 1,097 last month. This month’s pended property sales were 8.1% higher than at this time last year.
The Average Sold Price per Square Footage was Neutral*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The June 2024 Average Sold Price per Square Footage of $343 was down 1.4% from $348 last month and up 1.2% from $339 in June of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Showed Neutral Trend*
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for June 2024 was 23, up 4.5% from 22 days last month and up 35.3% from 17 days in June of last year.
The Sold/Original List Price Ratio Remains Steady**
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 99% was down 1% % from last month and down from 1% % in June of last year.
* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
The Average For Sale Price was Depreciating*
The Average For Sale Price in June was $738,000, down 6.3% from $788,000 in June of 2023 and down 1.2% from $747,000 last month.
The Average Sold Price was Neutral*
The Average Sold Price in June was $616,000, up 2.3% from $602,000 in June of 2023 and down 1.3% from $624,000 last month.
The Median Sold Price was Appreciating*
The Median Sold Price in June was $560,000, up 5.7% from $530,000 in June of 2023 and the same as last month.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.
- *Buyer’s market: more than 6 months of inventory
- Seller’s market: less than 3 months of inventory
- Neutral market: 3 – 6 months of inventory
Months of Inventory based on Closed Sales
The June 2024 Months of Inventory based on Closed Sales of 1.8 was increased by 65.1% compared to last year and up 28.9% compared to last month. June 2024 was Seller’s market.
Months of Inventory based on Pended Sales
The June 2024 Months of Inventory based on Pended Sales of 1.6 was increased by 46.4% compared to last year and up 14.5% compared to last month. June 2024 was Seller’s market.