As we move through the summer of 2024, the real estate market continues to show its dynamic nature. Here’s a detailed look at the key trends and statistics for July 2024, compared to the same period last year.
Average Selling Price
The average selling price in July 2024 was $1,106,617, reflecting a slight decrease of 0.9% from July 2023's average price of $1,116,950. This marginal dip suggests that home prices are experiencing a mild adjustment.
Sales-to-New-Listings Ratio
The sales-to-new-listings ratio for July 2024 stood at 33%, down from 38% in July 2023. This indicates a less competitive market, with fewer homes being sold relative to the number of new listings. It’s a sign that buyers might have more negotiating power, as the market tilts slightly in their favor.
Home Sales
In July 2024, total home sales reached 5,391, marking a 3.3% increase from 5,220 in July 2023. This uptick in sales activity suggests that despite the slight dip in average selling prices, there is still a healthy demand for homes.
New Listings
New listings surged by 18.5% in July 2024, totaling 16,296 compared to 13,755 in July 2023. The significant rise in new listings indicates an expanding inventory, offering more choices for potential buyers and possibly leading to a more balanced market.
Property Type Breakdown
Here’s a closer look at the average prices and sales for different property types in July 2024:
Detached Homes: Average price of $1,425,927 with 2,446 sales.
Semi-Detached Homes: Average price of $1,067,576 with 471 sales.
Townhouses: Average price of $914,975 with 939 sales.
Condos: Average price of $718,698 with 1,482 sales.
What This Means for Buyers and Sellers
The slight decrease in average selling prices combined with an increase in new listings and a moderate rise in sales suggests a market that is gradually shifting towards favoring buyers. For those considering buying, now might be a good time to explore the increased inventory and potentially find a better deal. Sellers, on the other hand, should be aware of the growing competition and may need to price their homes competitively to attract buyers.
Get in Touch
If you're curious about what these trends mean for you, whether you're looking to buy or sell, we’re here to help you navigate the market and make informed decisions.
Call Us: 📞 289-769-0113
Email Us: 📧 info@rteamca
Conclusion
Staying informed about the latest market trends is crucial in making smart real estate decisions. The July 2024 data suggests a market in flux, with opportunities for both buyers and sellers. Whether you’re looking to find your dream home or sell your property, understanding these trends can help you strategize effectively.
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