Housing Statistics - October 24
October 2024 was a Seller’s market! The number of for sale listings was up 41.5% from one year earlier and down 1.5% from the previous month. The number of sold listings increased 16.2% year over year and increased 4.4% month over month. The number of under contract listings was up 3.2% compared to previous month and up 33.8% compared to previous year. The Months of Inventory based on Closed Sales was 1.9, up 26% from the previous year.
- The Average Sold Price per Square Footage was up 1.5% compared to previous month and up 2.1% compared to last year.
- The Median Sold Price decreased by 2.1% from last month.
- The Average Sold Price also decreased by 0.8% from last month.
- Based on the 6 month trend, the Average Sold Price trend was “Depreciating” and the Median Sold Price trend was “Depreciating”.
- The Average Days on Market showed a upward trend, an increase of 30.4% compared to previous year. The ratio of Sold Price vs. Original List Price was 98%, a decrease of 1% compared to previous year.
| Category | Oct. 2024 vs. Sep. 2024 | % Change | Oct. 2024 vs. Oct. 2023 | % Change | Aug. 2024 to Oct. 2024 vs. Previous Year | % Change |
|---|---|---|---|---|---|---|
| For Sale | 1,870 vs. 1,898 | -1.5% down | 1,870 vs. 1,322 | 41.5% up | 1,870 vs. 1,322 | 41.5% up |
| Sold | 998 vs. 956 | 4.4% up | 998 vs. 859 | 16.2% up | 3,015 vs. 2,751 | 9.6% up |
| Pended | 1,038 vs. 1,006 | 3.2% up | 1,038 vs. 776 | 33.8% up | 3,068 vs. 2,602 | 17.9% up |
| Avg. Sq. Ft. Price (Sold) | 343 vs. 338 | 1.5% up | 343 vs. 336 | 2.1% up | 340 vs. 336 | 1.2% up |
| Avg. Days on Market | 30 vs. 28 | 7.1% up | 30 vs. 23 | 30.4% up | 28 vs. 22 | 27.3% up |
| Sold/List Diff. % | 98 vs. 98 | 0% | 98 vs. 99 | -1% down | 98 vs. 99 | -1% down |
| Avg. Active Price | 699 vs. 695 | 0.6% up | 699 vs. 717 | -2.5% down | 701 vs. 732 | -4.2% down |
| Avg. Sold Price | 608 vs. 613 | -0.8% down | 608 vs. 605 | 0.5% up | 610 vs. 603 | 1.2% up |
| Months of Inventory (Closed Sales) | 1.9 vs. 2 | -5% down | 1.9 vs. 1.5 | 26% up | 1.9 vs. 1.4 | 34.7% up |
| Residential | 2 Bedrooms | 3 Bedrooms | 4 Bedrooms | 5+ Bedrooms | All Bedrooms |
|---|---|---|---|---|---|
| Closed | #Units: 187 Dollar Value: $82,017,251 Average List Price: $443,252 Average Close Price: $438,595 Average Market Time: 35 Average Square Feet: 1138 % of List Price: 98.95% | #Units: 574 Dollar Value: $310,809,982 Average List Price: $541,305 Average Close Price: $541,481 Average Market Time: 29 Average Square Feet: 1529 % of List Price: 100.03% | #Units: 302 Dollar Value: $201,168,277 Average List Price: $669,710 Average Close Price: $666,120 Average Market Time: 29 Average Square Feet: 2124 % of List Price: 99.46% | #Units: 70 Dollar Value: $65,546,868 Average List Price: $955,855 Average Close Price: $936,384 Average Market Time: 45 Average Square Feet: 3016 % of List Price: 97.96% | #Units: 1133 Dollar Value: $659,542,378 Average List Price: $584,960 Average Close Price: $582,120 Average Market Time: 31 Average Square Feet: 1715 % of List Price: 99.51% |
Property Sales (Sold)
October property sales were 998, up 16.2% from 859 in October of 2023 and 4.4% higher than the 956 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 548 units of 41.5%. 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 down 1.5% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 3.2% in the pended properties in October, with 1,038 properties versus 1,006 last month. This month’s pended property sales were 33.8% 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 October 2024 Average Sold Price per Square Footage of $343 was up 1.5% from $338 last month and up 2.1% from $336 in October of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Showed Upward 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 October 2024 was 30, up 7.1% from 28 days last month and up 30.4% from 23 days in October of last year.
The Sold/Original List Price Ratio was Falling**
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 98% was the same as last month and down from 1% % in October 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 Neutral*
The Average For Sale Price in October was $699,000, down 2.5% from $717,000 in October of 2023 and up 0.6% from $695,000 last month.
The Average Sold Price was Depreciating*
The Average Sold Price in October was $608,000, up 0.5% from $605,000 in October of 2023 and down 0.8% from $613,000 last month.
The Median Sold Price was Depreciating*
The Median Sold Price in October was $550,000, the same as in October of 2023 and down 2.1% from $562,000 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 October 2024 Months of Inventory based on Closed Sales of 1.9 was increased by 26% compared to last year and down 5% compared to last month. October 2024 was Seller’s market.
Months of Inventory based on Pended Sales
The October 2024 Months of Inventory based on Pended Sales of 1.8 was increased by 5.9% compared to last year and down 5.3% compared to last month. October 2024 was Seller’s market.