July 2024 Market Update: Insights from Charlene Weber

Aug 2

As we step into the second half of 2024, let’s take a closer look at the residential real estate market trends over the past few months. The data is promising, reflecting a healthy market with some exciting opportunities for both buyers and sellers.

Year-to-Date Residential Sales

In the first half of 2024, we’ve seen a total of 8,349 residential sales, marking an increase of 5.5% compared to the same period last year. The average sales price stands at $681,082, which is a modest rise of 1.0%.

Months of inventory has increased to 2.4 months from 1.9 last year. While inventory remains low, this uptick indicates that buyers are encountering more options in the market. This could signify a more balanced approach to buying and selling as we move further into the year.

Year-to-Date Single Family Sales

Single-family homes continue to move, with a total of 4,374 sales recorded, reflecting a 7.6% increase year-to-date. The average sales price for single-family homes is $829,790, a slight increase of 0.1% from last year.

Interestingly, the months of inventory for single-family homes is currently at 2.7, compared to 2.2 last year. This growth suggests that while inventory is still limited, buyers have a bit more breathing room to find their ideal home.

Year-to-Date Townhome Sales

Townhomes are seeing a strong performance with 2,690 total sales, an increase of 5.4% from last year. The average sales price remains stable at $551,548, reflecting no change from last year.

In terms of inventory, we now have 1.8 months compared to 1.4 last year. It’s worth noting that we started the year at 2.2 months of inventory, indicating a steady demand in the townhome sector that continues to gain momentum.

Year-to-Date Condo Sales

Condo sales have also seen a slight increase, with 1,255 total sales, marking a modest 0.2% rise over last year. The average sales price is $450,438, which is up by 3.0% year-over-year.

The months of inventory for condos now sits at 3.0, a rise from 2.3 last year. It’s noteworthy that we began the year with 3.6 months of inventory, which indicates a gradual shift in the market dynamics for condos.

Overall, the residential real estate market in July 2024 presents a mix of opportunities for both buyers and sellers. While inventory levels remain relatively low, there’s a noticeable increase in options available, giving buyers more choices. As we move into the latter part of the year, keeping an eye on these trends will be crucial for making informed decisions in this evolving market.

Stay tuned for more updates and insights as we navigate the rest of 2024 together!