Housing Statistics - November 24
The number of for sale listings was up 30.9% from one year earlier and down 10.2% from the previous month. The number of sold listings increased 14.8% year over year and decreased 21% month over month. The number of under contract listings was down 12.9% compared to previous month and up 17.3% compared to previous year.
- The Months of Inventory based on Closed Sales was 2, up 11.2% from the previous year.
- The Average Sold Price per Square Footage was down 0.9% compared to previous month and up 3.4% compared to last year.
- The Median Sold Price was the same as last month. The Average Sold Price also increased 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 “Depreciating”.
- The Average Days on Market showed a upward trend, an increase of 25% compared to previous year. The ratio of Sold Price vs. Original List Price was 98%, was the same compared to previous year.
| Category | Nov. 2024 vs. Oct. 2024 | % Change | Nov. 2024 vs. Nov. 2023 | % Change | Sep. 2024 to Nov. 2024 vs. Previous Year | % Change |
|---|---|---|---|---|---|---|
| For Sale | 1,680 vs. 1,870 | -10.2% down | 1,680 vs. 1,283 | 30.9% up | 1,680 vs. 1,283 | 30.9% up |
| Sold | 822 vs. 1,040 | -21% down | 822 vs. 716 | 14.8% up | 2,820 vs. 2,470 | 14.2% up |
| Pended | 866 vs. 994 | -12.9% down | 866 vs. 738 | 17.3% up | 2,854 vs. 2,364 | 20.7% up |
| Avg. Sq. Ft. Price (Sold) | 339 vs. 342 | -0.9% down | 339 vs. 328 | 3.4% up | 340 vs. 334 | 1.8% up |
| Avg. Days on Market | 30 vs. 30 | 0% | 30 vs. 24 | 25% up | 29 vs. 23 | 26.1% up |
| Sold/List Diff. % | 98 vs. 98 | 0% | 98 vs. 98 | 0% | 98 vs. 99 | -1% down |
| Avg. Active Price | 682 vs. 699 | -2.4% down | 682 vs. 720 | -5.3% down | 692 vs. 723 | -4.3% down |
| Avg. Sold Price | 614 vs. 606 | 1.3% up | 614 vs. 566 | 8.5% up | 611 vs. 593 | 3% up |
| Months of Inventory (Closed Sales) | 2 vs. 1.8 | 11.1% up | 2 vs. 1.8 | 11.2% up | 1.8 vs. 1.6 | 12.8% up |
| Residential | 2 Bedrooms | 3 Bedrooms | 4 Bedrooms | 5+ Bedrooms | All Bedrooms |
|---|---|---|---|---|---|
| Closed |
#Units: 140 Dollar Value: $56,239,770 Average List Price: $403,791 Average Close Price: $401,713 Average Market Time: 38 Average Square Feet: 1124 % of List Price: 99.49% |
#Units: 480 Dollar Value: $262,029,207 Average List Price: $544,704 Average Close Price: $545,894 Average Market Time: 28 Average Square Feet: 1555 % of List Price: 100.22% |
#Units: 271 Dollar Value: $184,433,974 Average List Price: $680,238 Average Close Price: $680,568 Average Market Time: 31 Average Square Feet: 2132 % of List Price: 100.05% |
#Units: 59 Dollar Value: $52,998,472 Average List Price: $915,982 Average Close Price: $898,279 Average Market Time: 39 Average Square Feet: 2996 % of List Price: 98.07% |
#Units: 950 Dollar Value: $555,701,423 Average List Price: $585,659 Average Close Price: $584,949 Average Market Time: 31 Average Square Feet: 1745 % of List Price: 99.88% |
Property Sales (Sold)
November property sales were 822, up 14.8% from 716 in November of 2023 and 21% lower than the 1,040 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 397 units of 30.9%. 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 down 10.2% compared to the previous month.
Property Under Contract (Pended)
There was a decrease of 12.9% in the pended properties in November, with 866 properties versus 994 last month. This month’s pended property sales were 17.3% 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 November 2024 Average Sold Price per Square Footage of $339 was down 0.9% from $342 last month and up 3.4% from $328 in November 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 November 2024 was 30, the same as last month and up 25% from 24 days in November 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 the same as in November 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 November was $682,000, down 5.3% from $720,000 in November of 2023 and down 2.4% from $699,000 last month.
The Average Sold Price was Neutral*
The Average Sold Price in November was $614,000, up 8.5% from $566,000 in November of 2023 and up 1.3% from $606,000 last month.
The Median Sold Price was Depreciating*
The Median Sold Price in November was $550,000, up 4.6% from $526,000 in November 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 November 2024 Months of Inventory based on Closed Sales of 2 was increased by 11.2% compared to last year and up 11.1% compared to last month. November 2024 was Seller’s market.
Months of Inventory based on Pended Sales
The November 2024 Months of Inventory based on Pended Sales of 1.9 was increased by 11.5% compared to last year and the same compared to last month. November 2024 was Seller’s market.