Market Overview
The Varsity real estate market in December 2024 saw strong year-over-year growth in sales, with 13 total transactions, marking a 117% increase compared to December 2023. However, new listings declined by 30%, resulting in lower inventory levels. This led to an increase in months of supply to 1.62, indicating a slight shift towards a more balanced market.
The benchmark price for total residential properties was $544,600, reflecting a 3.6% decline year-over-year.
Market Trends by Property Type
Detached Homes: The benchmark price for detached homes stood at $882,400, down 4% year-over-year. Sales increased by 100%, but inventory remained low, which may continue to put upward pressure on prices in the coming months.
Semi-Detached Homes: There were no recorded sales of semi-detached homes in December 2024, indicating limited activity in this segment.
Row/Townhouses: Row homes had one sale, with a benchmark price of $501,200, reflecting a 5.6% year-over-year increase.
Apartments: Apartment sales saw a significant increase of 200%, with six units sold. The benchmark price for apartments reached $273,800, up 0.4% year-over-year.
2024 Annual Market Summary
The Varsity real estate market in 2024 showed moderate growth, with total annual sales reaching 266 transactions, a 7% increase from 2023. New listings rose by 22%, bringing more inventory into the market.
The benchmark price for total residential properties increased by 5.1%, reaching $572,400.
Detached homes saw a moderate decline in price but continued to be in demand, especially in higher price segments.
Row homes and apartments remained popular among buyers, with steady price appreciation and increased transactions.
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