11/12/2024
We're solidly in the middle of autumn, looking back on market data for October and racing through November, collecting information and watching how the election outcomes will affect the housing market in the coming months and year.
🍂 October brought a steady flow of activity, though we saw some slowing of activity leading up to the election. Here’s a quick look at the past month:
🏡 New Listings and Pending Sales
October saw an increase in new listings (up 7.5% from last year, reaching 400) and a healthy 12% increase in pending sales compared to October 2023. While activity cooled slightly from September, buyer interest remains steady.
🔑 Closed Sales
Closed sales in October were up 4.5% from last year and slightly above September. Though homes are spending more time on the market, people are still moving forward with sales, showing there’s confidence among buyers and sellers alike.
📊 Market Time & Inventory Changes
Inventory dipped a bit to 3.0 months, but market time has grown to an average of 54 days. For buyers, this means there’s a bit more selection and less competition than we see in hotter months. For sellers, it’s a good reminder that pricing strategically and preparing for a longer sale timeline can make a difference.
📆 Year-to-Date Activity
So far in 2024, new listings, pending sales, and closed sales have all ticked up slightly over last year, suggesting a more balanced market overall.
⚖️ Prices Stay Steady
Compared to this time last year, the median sale price has risen only a modest 0.7% to $440,000, while the average sale price increased by 0.1%. This pricing stability signals that the market is still stabilizing and continuing, what we hope is, a slow trend towards balance. Time will tell. 🔮
Want to chat about the markets, the elections, interest rates or have your own insights to share? Hit us up, we are nerdy about housing and are always up for a chat. 💻📱☎️
