August 2024 Real Estate Statistics
After hitting what likely will be the peak inventory in the short term, the active listings came down down 2.9% in August which although is common to see this inventory to drop off due to seasonality, this month we saw double the amount from the 10 year average change in inventory which is closer to 1.5%. One month of data doesn’t make a trend but might appear that sellers are packing it in a month earlier than normal as the normal change in inventory is around 2.8% drop in September and another 7% drop in October and for home buyers and sellers, expect an overall drop of inventory of 30% between now and the end of December.
Whether your just browsing, planning on selling, buying and selling factoring the seasonal changes can help you plan accordingly. The good news for the home sellers that are wiling to stick it out is you can expect less competition on the market and buyers normally are more qualified, the downside is the thoughts and potentials on moving in the winter, which is downside that can be overcome with negotiating longer closes.
Total Sales
Sales: 323
New Listings: 963
Current Inventory: 3,803
Median Days to Sell: 48
Average Days to Sell: 59
Months of Inventory: 12
Median Sale Price: $749,500
Average Sale Price: $806,796
Total Volume: $259,788,256
Single Family
Sales: 1163
New Listings: 477
Current Inventory: 1,860
Median Days to Sell: 49
Average Days to Sell: 60
Months of Inventory: 11
Median Sale Price: $940,000
Average Sale Price: $1,073,079
Total Volume: $174,911,839
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Townhome Sales
Sales: 45
New Listings: 126
Current Inventory: 448
Median Days to Sell: 35
Average Days to Sell: 45
Months of Inventory: 10
Median Sale Price: $704,667
Average Sale Price: $717,399
Total Volume: $32,282,967
Apartment Sales
Sales: 77
New Listings: 212
Current Inventory: 757
Median Days to Sell: 53
Average Days to Sell: 59
Months of Inventory: 10
Median Sale Price: $430,000
Average Sale Price: $460,565
Total Volume: $35,463,500
