Market Trends
Detached Homes
Sales: 2 homes sold (unchanged from last year).
Inventory: 3 homes available (down 50% year-over-year).
Benchmark Price: $583,800 (9% increase year-over-year).
Semi-Detached Homes
Sales: 0 homes sold (100% decrease year-over-year).
Inventory: 0 homes available (unchanged).
Benchmark Price: $547,000 (14% increase year-over-year).
Row/Townhouses
Sales: 1 home sold (unchanged from last year).
Inventory: 0 homes available (unchanged).
Benchmark Price: $407,300 (12% increase year-over-year).
Apartments
Sales: 0 units sold (100% decrease year-over-year).
Inventory: 5 units available (down 75% year-over-year).
Benchmark Price: $342,100 (8% increase year-over-year).
Overall Market Performance for December 2024
Total Sales: 3 (down 70% year-over-year).
New Listings: 2 (down 67% year-over-year).
Total Inventory: 9 properties (up 350% year-over-year).
Benchmark Price (All Property Types): $462,400 (9.2% increase year-over-year).
Months of Supply: 3.00 months (shift towards a balanced market).
2024 Annual Real Estate Summary
Total Sales in 2024: 125 homes sold (26% decrease from 2023).
Total New Listings: 148 (20% decrease year-over-year).
Total Inventory: Increased by 39% throughout the year.
Overall Benchmark Price: $459,325 (12.1% increase year-over-year).
Average Days on Market: 17 days.
Key Market Trends in 2024
Price Growth Despite Lower Sales: Benchmark prices rose across all property types, indicating strong demand despite declining sales volume.
Shift Towards a More Balanced Market: Increased inventory and slower sales reduced the intense seller’s market conditions seen in previous years.
Apartment Market Fluctuations: Apartment prices grew steadily, but sales volume varied significantly month to month.
Rising Interest Rates Affecting Buyer Activity: Higher borrowing costs likely contributed to reduced sales, as buyers became more cautious.
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