September Market Update

Detached Homes:

Sales of detached homes in September 2024 fell by 9.8% year-over-year, with 516 homes sold. The benchmark price remained relatively stable at $2,022,200, showing a 0.5% increase from September 2023 but a 1.3% drop compared to August 2024.

Apartment Homes:

Apartment sales also saw a decline, down 4.9% from the previous year with 940 units sold. The benchmark price for an apartment home decreased by 0.8% year-over-year to $762,000, also reflecting a 0.8% drop from the previous month.

Attached Homes (Townhouses):

In contrast to other property types, attached home sales increased by 7.4%, with 378 units sold. The benchmark price for a townhouse, however, showed a 0.5% year-over-year decrease to $1,099,200, with a 1.8% drop compared to August 2024.

Market Dynamics:

The sales-to-active listings ratio for September 2024 was 12.8%, putting the market on the edge of a buyer's market. Detached homes had a ratio of 9.1%, attached homes 16.9%, and apartments 14.6%. This suggests that downward pressure on prices may continue if sales fail to keep pace with the growing inventory.

The total number of properties listed for sale on the MLS® reached 14,932, a 31.2% increase from September 2023, offering much more choice to prospective buyers. This higher supply has resulted in sideways price movement for several months, with modest declines across all property types in September.

In summary, the September data reflect a market in transition, with inventory levels rising and sales slowing. While demand remains subdued for now, further reductions in interest rates could potentially bring more buyers off the sidelines later in the fall.