Market Trends:
The benchmark price for total residential properties in Royal Oak reached $611,900, a 2.3% increase year-over-year.
Detached homes had a benchmark price of $786,000, while row homes and apartments were priced at $491,100 and $317,800, respectively.
Sales activity saw a 23% decline, with 10 homes sold in December.
New listings dropped by 38% to 8 properties, leading to limited supply in the market.
Inventory levels increased by 91% compared to last year, with 21 active listings.
Months of supply stood at 2.10, indicating a market slightly favoring sellers but trending towards balance.
Annual Summary – Royal Oak 2024
Market Performance:
Total sales for the year were 196, a slight 3% decline compared to 2023.
New listings increased by 13%, with 274 properties listed throughout the year.
The benchmark price for all residential properties rose to $630,475, marking a 7.7% annual increase.
The average price climbed 13.9% to $609,191, reflecting strong demand and price appreciation.
The median price also saw significant growth, rising 30.2% to $657,350.
Key Market Observations:
Despite higher prices, sales volume remained stable, with minor fluctuations throughout the year.
Inventory levels increased by 52%, providing more options for buyers.
The sales-to-new-listings (S/NL) ratio was 0.72, indicating a more balanced market compared to previous years.
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