Market Overview: In October 2024, Panorama Hills showcased a dynamic real estate market with significant activity across various metrics:
Sales: 28 properties sold, reflecting a 20% year-over-year (Y/Y) decrease.
New Listings: 50 new properties listed, marking a 35% Y/Y increase.
Inventory: 80 units available, a substantial 142% increase Y/Y.
Benchmark Prices by Property Type:
Detached Homes: $775,100 (+5.7% Y/Y).
Semi-Detached Homes: $562,200 (+5.9% Y/Y).
Row Homes: $412,500 (+14.0% Y/Y).
Apartments: $320,100 (+7.2% Y/Y).
Overall Residential Benchmark Price: $558,900, showing a modest 0.7% increase Y/Y.
Key Market Metrics:
Months of Supply: 2.86 months, leaning toward a balanced market.
Sales-to-New-Listings (S/NL) Ratio: 0.56, indicating a steady competition among buyers.
Market Insights:
The increase in inventory provides more opportunities for buyers to explore available options.
While sales have slowed slightly, price stability across all property types highlights the neighborhood’s desirability and market resilience.
Community Features: Panorama Hills remains a sought-after neighborhood due to its excellent amenities and family-oriented appeal:
Recreational Options: Access to green spaces, pathways, and community centers makes Panorama Hills ideal for outdoor enthusiasts.
Education and Convenience: The area features a variety of schools and is conveniently located near major transportation routes and shopping hubs.
Community Spirit: The neighborhood fosters a sense of belonging with regular events and initiatives aimed at enhancing resident experiences.
Panorama Hills continues to maintain its status as a preferred destination for families and individuals, combining strong market performance with an outstanding quality of life.
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