December Real Estate Update
December 2024 closed with mixed signals but optimism for 2025. Sales activity was 15% below the 10-year seasonal norm, with 257 total sales and 371 new listings. Despite a drop of 470 listings from November, active inventory reached 2,758—a 10-year high and 400 more than last December.
The market saw a median sale price of $740,000 and an average of $809,163, with homes averaging 73 days to sell. Total sales volume reached $207 million.
Sales were 423 below the 10-year average which was somewhat artificially inflated with 2020/2021 sales but outperformed the past two Decembers, suggesting a shifting buyer sentiment fueled by updated mortgage rules and lower rates likely to boosting demand.
Average single-family home prices dropped $85,000 from last year but remain $20,000 higher than 2022 and $55,000 above 2021. With potential price stabilization, now might be the right time to explore opportunities, but there is a lot of uncertainty with the leadership in Canada at this particular moment, any prediction on the direction seems to be changing by the hour.
Total Sales
Sales: 257
New Listings: 371
Current Inventory: 2,758
Median Days to Sell: 60
Average Days to Sell: 73
Months of Inventory: 11
Median Sale Price: $740,000
Average Sale Price: $809,163
Total Volume: $207,145,657
Single Family Sales
Sales: 125
New Listings: 173
Current Inventory: 1,178
Median Days to Sell: 70
Average Days to Sell: 76
Months Inventory: 9
Median Sale Price: $970,000
Average Sale Price: $1,115,264
Total Volume: $139,408,059
Townhome Sales
Sales: 40
New Listings: 50
Current Inventory: 329
Median Days to Sell: 55
Average Days to Sell: 71
Months of Inventory: 8
Median Sale Price: $645,000
Average Sale Price: $688,309
Total Volume: $27,532,360
Apartment Sales
Sales:69
New Listings: 83
Current Inventory: 597
Median Days to Sell: 58
Average Days to Sell: 65
Months of Inventory: 9
Median Sale Price: $432,000
Average Sale Price: $457,519
Total Volume: $31,568,838
Hope everyone is having a great 2025 so far. Let us know if you have any questions or topics you would like to see in any upcoming emails, we are always looking to provide as much value as possible.
Mark and Maddie Coons
778-744-0872
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