August 2024 Sales Recap
Update: the interest rate drop in September should have a positive impact on sales.
Single Family Home Sales
Good News:
- Sales volume is slightly up. In 2024, there was one additional sale, with 11 total compared to 10 in 2023. This slight increase in sales despite market conditions shows some resilience in buyer activity.
- Cash sales also saw a bump, with five cash sales in 2024 compared to four in 2023. This suggests that cash buyers are still active, possibly seeing opportunities in the current market.
Bad News:
- Prices have seen significant declines across the board. The average list price decreased by 23.4%, down $467,776 compared to last year, and the average close price fell by 25.9%, a drop of $486,773.
- These prices reflect a decrease in the average price per square foot of $4 (median decrease of $29).
Overall, the single-family home market in August 2024 shows clear signs of cooling off compared to the same time in 2023, with large drops in list and close prices and significantly longer times to close a sale. However, the slight increase in total sales and cash transactions could point to opportunities for motivated buyers and investors who are still willing to engage in this market.
Sellers may need to adjust expectations and pricing strategies to compete, given the extended days on market and softening price-per-square-foot metrics. On the other hand, buyers with cash or strong financing are in a favorable position to negotiate, given the current downturn in prices.
In summary, while it’s a challenging market for sellers, those who are patient and realistic about pricing can still sell.
Condominium & Townhome Recap
Good News:
- The price per square foot (SP/SF) has shown positive movement. The average SP/SF increased by 3.0%, from $423.42 in 2023 to $436.16 in 2024, reflecting stronger value retention in terms of square footage.
- Financing is holding steady: the number of financed sales remained constant year over year at four, which could be a sign that buyers are still finding opportunities for mortgages despite market fluctuations.
Bad News:
- Significant price declines were noted across the board. The average list price dropped by a substantial 31.1%, down $164,116 from last year, and the average close price plummeted by 32.2%, dropping $163,955 compared to August 2023.
- The median prices tell a similar story, with the list price median decreasing by 26.7% ($120,000) and the close price median falling by 28.3% ($122,500).
- Properties are sitting on the market much longer. The average Days on Market (DOM) increased by 68.2%, with homes taking an average of 142 days to sell in 2024 compared to 85 days in 2023. The median DOM also jumped 64.6%, from 74 to 121 days.
- Sales volume took a significant hit, with a reduction of six total sales, from 14 in 2023 down to 8 in 2024. Cash sales in particular saw a big drop, with six fewer cash transactions compared to last year.
This recap shows a market facing downward pressure on prices and extended time to sell, but with some positive signs in price-per-square-foot retention and stable financing activity.
Looking to sell a home? Using a Real Estate Agent who’s a licensed REALTOR® puts more money in your pocket!
In addition to bringing the unmistakable quality associated with the Keller Williams name, we also bring over 70 years of combined business, technology and marketing expertise to the table when it comes to selling your home. We’ve both spent years working hand-in-hand with millionaire (and billionaire) business leaders, which means we know how to cut through the clutter, handle the details and get the job done!
Since 92% of home buyers start their search on the internet – trust us, you want your home to SHINE here!
Tammy began doing internet marketing before most people had internet access (and long before Google even existed!). She’s known to her colleagues, family and friends as a combination of “computer geek” and “marketing guru.”
Michael’s international corporate experience includes negotiating multi-million dollar contracts and implementing solutions as an IT consultant. He has worked hand-in-hand with business giants such as General Motors, Ralston Purina and Warner Brothers Studios. Today, he uses those skills to help customers navigate the complex process of buying and selling homes.
Let us show you all the extras we bring to the table to help you get your house seen, shown and SOLD!
Call or text
Tammy: 727.888.3882
Michael: 727.888.3886