Panorama Hills Real Estate Market Summary – December 2024

Market Trends

• Total Residential Sales: 13 transactions (7% decrease Y/Y).

• New Listings: 10 new listings (17% decrease Y/Y).

• Inventory Levels: 48 active listings (200% increase Y/Y).

• Months of Supply: 3.69 months, indicating a more balanced market.

• Price Trends by Property Type:

  • Detached Homes: $750,900 (7.1% Y/Y increase).

  • Semi-Detached Homes: $542,600 (5.6% Y/Y increase).

  • Row Homes (Townhouses): $408,600 (3.0% Y/Y increase).

  • Apartments (Condos): $310,900 (3.5% Y/Y increase).

  • Total Residential Benchmark Price: $538,800 (16.7% increase Y/Y).

Market Insights

• Sales slowed, possibly due to seasonal effects and affordability challenges.

• Inventory levels increased significantly, giving buyers more options.

• Price growth continued across all property types, with detached homes leading appreciation.

2024 Annual Real Estate Summary for Panorama Hills

1. Sales & Market Activity

   • 368 total residential sales in 2024 (17% decrease Y/Y).

   • 544 new listings (6% increase Y/Y).

   • Inventory up by 61%, indicating a shift toward market balance.

2. Price Trends

   • Annual Benchmark Price: $566,833 (4.0% Y/Y increase).

   • Median Price: $477,000 (12.2% Y/Y increase).

   • Average Price: $529,304 (11.3% Y/Y increase).

3. Key Market Drivers

   • Detached homes remained the most sought-after segment, driving price growth.

   • Affordability concerns led to strong demand for townhouses and condos.

   • Rising inventory provided more choices for buyers, moderating rapid price increases.

Below is a year-over-year (Y/Y) price comparison for different property types in Panorama Hills:

Analysis of Trends Over Time

1. Detached Homes

   • Strongest price growth (+7.1% Y/Y) due to high demand and limited supply.

   • Over two years, prices increased nearly 10%, reflecting a stable upward trend.

2. Semi-Detached Homes

   • Moderate price appreciation (+5.6% Y/Y), driven by buyers looking for affordable alternatives to detached homes.

3. Row Homes (Townhouses)

   • More modest price growth (+3.0% Y/Y), indicating steady but less aggressive demand.

   • Two-year growth of 6.1% suggests consistent but moderate appreciation.

4. Apartments (Condos)

   • Price gains remained stable (+3.5% Y/Y) as demand shifted toward affordability.

   • Over two years, apartment prices increased by only 4.2%, showing a slower recovery compared to other segments.

5. Overall Market Trends

   • The total benchmark price increased by 16.7% Y/Y, indicating strong overall market appreciation.

   • Detached homes continue to lead the market, while affordable housing segments (townhouses & apartments) remain stable options.

The Panorama Hills real estate market in December 2024 saw slower sales but continued price appreciation, with detached homes experiencing the highest demand. Inventory increased significantly, offering more choices to buyers, while townhouses and apartments remained affordable options. Over the past two years, Panorama Hills has experienced steady price growth across all property types, with detached and semi-detached homes showing the strongest appreciation. 2025 is expected to bring a more balanced market, with moderate but sustained price increases.