Canyon Meadows Real Estate Summary – December 2024

Market Trends

1. Detached Homes:

   • The benchmark price for detached homes in December 2024 was $794,200, reflecting a 14.7% increase year-over-year (Y/Y).

   • Sales increased by 22% Y/Y, showing continued buyer demand.

   • Inventory declined by 20%, keeping Canyon Meadows in a seller’s market for this segment.

   • Average days on market (DOM) remained steady, indicating balanced transaction activity.

2. Semi-Detached Homes:

   • The benchmark price for semi-detached homes reached $486,100, marking a 14.2% Y/Y increase.

   • Sales remained stable, with only 2 transactions recorded for the month.

   • Active listings were low, maintaining high competition among buyers.

3. Row (Townhomes):

   • Townhomes experienced an 8.4% Y/Y price growth, reaching $340,600.

   • The number of listings increased by 50%, giving buyers more choices.

   • Sales remained consistent, with a steady demand for affordable housing options.

4. Apartments (Condos):

   • The apartment market continued to grow, with prices rising 11.8% Y/Y, reaching $210,700.

   • Sales declined by 65%, suggesting shifting buyer preferences or affordability constraints.

   • Inventory levels remained stable, ensuring a balanced market for condos.

2024 Annual Real Estate Summary

• Overall Market Performance:
  The benchmark price for all property types increased by 8.7% Y/Y, reaching $528,900 by the end of 2024.

  • The detached home market saw the most significant appreciation, driven by limited supply.

  • Row houses and condos remained in demand due to affordability, but sales fluctuated throughout the year.

• Supply & Demand Trends:

  • Inventory remained low throughout 2024, with a consistent seller’s market in most segments.

  • The months of supply metric averaged around 1.5 months, reflecting sustained buyer competition.

• Interest Rates & Buyer Behavior:

  • Higher interest rates slowed luxury sales, but mid-priced homes remained highly competitive.

  • Investors and first-time buyers turned to townhomes and condos, keeping those markets active.

Overall, Canyon Meadows saw a strong year in real estate, with home values appreciating, sales increasing in key segments, and demand outpacing supply in most property types.