Market Summary November 3rd, 2024
by Lorraine Ryall
Associate Broker with KOR Properties
The market remains slow, with more homes available than there are buyers, resulting in a notable supply-demand imbalance with 52% more inventory than this time last year. However, despite these challenges and certain areas leaning towards a buyer’s market, the median sales price has held steady, declining only 1% from both last month and this time last year.
Sales are up 27% on the same time last year which is a significant increase, but it doesn’t make up for the 52% increase in supply.
With more sellers than buyers, inventory is building up, and the average home is staying on the market longer. Yet, properties with unique appeal—such as exceptional views, prime locations, or recent upgrades—are still attracting multiple offers.
If current trends persist, we may see increased pressure on pricing, as extended days on market could lead more sellers to adjust their prices to attract buyers. However, a shift in mortgage rates could quickly change the landscape. A notable drop could stimulate demand, helping to balance supply and potentially reinvigorate the market.
Only time will tell, and we will be keeping a close eye on the market for the next 2 months as we end the year.