Year over year, median house and condo sales prices were up in October 2024, 2% and 5.5% respectively. Fueled by the large jump in new listings in September, sales activity – as measured by the number of listings that went into contract – hit its highest point since spring 2022. The absorption rate, which measures buyer demand vs. the supply of homes for sale, hit its highest percentage since spring 2022. Monthly sales volume was up 19% year-over-year, and year-to-date sales were up 11%. Days-on-market declined and overbidding increased. The number of price reductions in October 2024 climbed to its highest count of the year – the typical seasonal trend – but was well down year-over-year.
Interest rates continued to rise in October and early November, but, as of November 6th, all 3 major stock market indices were at record highs. These 2 financial indicators – the first one typically having negative implications for buyer demand, and the second one positive – may pull different market segments in different directions in coming months.
Luxury house and condo sales rebounded in October, and 2024 year-to-date sales of luxury houses ($5 million+) were up 40%, and luxury condo and co-op sales ($2.5 million+) were up 48%. Possibly reflecting 2024’s soaring stock markets, increases in luxury home sales have far outperformed the overall market this year.
Listing and sales activity, as well as virtually all the standard metrics of demand, typically cool dramatically in November and December, and the number of unsold listings taken off the market usually jumps, especially in higher price segments. Still, the next 2 months can be an excellent time for buyers to negotiate more aggressively to make some of the best deals of the year.
DISCLAIMER: Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as “active listings,” “days on market,” and “months supply of inventory” – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won’t be reflected in the data. “Homes” signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market.
City/town names refer specifically to the named cities and towns, unless otherwise delineated. Multi-county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate. Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by seasonality, “unusual” events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales. Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage.
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Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.