10/16/2024
Market Snapshot Third Quarter
New Listings:
In Q3 2024, there were 3,135 new listings, an increase of 591 listings (approximately 23.23% increase) compared to 2023, which had 2,544 new listings.
Average List Price:
The average list price in Q3 2024 was $331,863, which is $20,749 higher than in 2023, where the average list price was $311,114. This represents a 6.67% increase in the average list price.
Homes Sold:
The number of homes sold remained almost the same, with 2,706 homes sold in Q3 2024 and 2,705 homes sold in 2023, showing no significant change in sales volume.
Average Sold Price:
The average sold price in Q3 2024 was $328,239, which is $19,317 higher than in 2023, where the average sold price was $308,922. This marks a 6.25% increase in the average sold price.
ANALYSIS
Increase in New Listings: The notable 23.23% increase in new listings from 2023 to 2024 indicates a higher inventory in the market. This could suggest increased seller confidence or a more favorable market for selling in 2024.
Higher List and Sold Prices: Both the list prices and sold prices saw moderate growth, with around a 6-7% increase. This suggests that the market conditions in Q3 2024 allowed sellers to price homes higher, and buyers were willing to meet these higher prices. The fact that the average sold price increased almost in line with the list price suggests a strong demand in the market, allowing homes to sell close to their asking prices.
Stable Sales Volume: Despite the increase in new listings, the number of homes sold remained virtually the same. This could indicate that buyer demand has stabilized, matching supply closely, or that the increased inventory hasn't necessarily translated into more sales, possibly due to market saturation or economic factors affecting buyers' ability to purchase.
CONCLUSION
The Q3 2024 real estate market experienced an increase in listings and higher prices but maintained a similar sales volume to Q3 2023. The data reflects a healthier market for sellers, with rising prices and stable demand. However, the unchanged number of homes sold, despite increased listings, might suggest that while there are more homes available, buyers are not increasing proportionately, which could lead to a competitive market for sellers if the trend continues.