Market Overview: The Edgemont real estate market showcased notable activity in October 2024 with continued growth in both sales and listings:
Sales: A total of 12 residential properties were sold, marking a 50% increase year-over-year (Y/Y).
Inventory: Inventory rose by 48% Y/Y, reaching 34 units available.
New Listings: 23 new listings came to market, reflecting a 64% Y/Y rise.
Benchmark Prices by Property Type:
Detached Homes: $865,500 (+7.2% Y/Y).
Semi-Detached Homes: $491,900 (+18% Y/Y).
Row Homes: $524,100 (+4.6% Y/Y).
Apartments: $278,400 (+1.4% Y/Y).
General Residential Benchmark Price: $724,000, reflecting a 4.6% annual increase.
Key Metrics:
Months of Supply: 2.83 months, indicating a balanced to slightly seller-leaning market.
Sales-to-New-Listings (S/NL) Ratio: 0.52, suggesting moderate competition among buyers.
Trends and Insights:
Detached homes remain the most significant driver of sales, with an annual increase of 175% in activity.
The demand for apartments remains subdued compared to other property types, potentially signaling an opportunity for first-time buyers or investors.
Market balance is improving with rising inventory levels, providing more options for buyers.
Community Features: Edgemont continues to attract interest for its desirable attributes, including:
Recreational Amenities: Access to parks, trails, and community centers promoting outdoor and social activities.
Convenient Location: Proximity to key commercial areas, schools, and transport links.
Family-Friendly Environment: A strong sense of community with events and activities fostering neighborhood connections.
This blend of vibrant real estate dynamics and appealing community characteristics positions Edgemont as a thriving and sought-after market.
For more detailed market statistics or assistance, feel free to reach out!
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