Arbour Lake Real Estate Market Summary – December 2024

Market Trends:

• Sales Activity:

  • Total residential sales in Arbour Lake reached 87 units, reflecting a 16% decrease compared to December 2023.

  • Detached home sales saw a 67% decline year-over-year.

  • Semi-detached and row homes recorded 44% and 140% increases, respectively, in sales volume.

• Inventory & New Listings:

  • Active inventory was at 122 units, marking a 3% increase from last year.

  • Months of supply stood at 1.83 months, suggesting a continued seller's market.

  • New listings totaled 10 units, a 45% increase compared to December 2023.

• Pricing Trends:

  • The benchmark price for detached homes was $706,900, a 4.5% decrease year-over-year.

  • Semi-detached homes had a benchmark price of $596,700, growing 5.8% annually.

  • Row homes reached $408,200 (an 11.2% increase), while apartment units rose 11.7% to $326,900.

  • The total residential benchmark price for Arbour Lake stood at $565,500, an 8% increase from 2023.

2024 Annual Real Estate Summary:

• Market Performance:

  • The total residential sales for the year reached 749 transactions, a 9.9% increase compared to 2023.

  • The median home price was $715,000, up 7.7% annually.

  • The average home price in Arbour Lake stood at $750,585, reflecting a 4.1% increase from the previous year.

• Market Trends:

  • The supply remained tight throughout 2024, keeping months of supply below 2 months for most of the year.

  • Home values experienced steady growth, especially for attached and apartment-style properties, due to strong demand and limited availability.

  • Sales-to-new-listings ratio remained above 100%, reinforcing the seller-favorable market conditions.

Looking Ahead to 2025:

• Demand is expected to remain strong, particularly for more affordable property types like row homes and apartments.

• Supply constraints may continue to drive price growth, but interest rate fluctuations could impact buyer activity.

• New developments and resale home availability will be key factors in shaping the market dynamics in 2025.

Overall, Arbour Lake remained a competitive and high-demand community in 2024, showing resilience and steady price appreciation despite slight slowdowns in detached home sales.