January 14th Market Update
⏰Time for a 2024 recap and market update!
📈In December we saw a median sale price of $632,500K down -2% from December 23. The number of transactions were up compared to LY and Days on Market decreased by 3 days. Sale price to List Price ratio was 97.68% up 2.5 points from December 23
🏘️There were 41 new listings in December which was almost double what we saw in 23. Overall there are 194 active listings today which is up 4 from the same time LY. The current median list price is $634K which is up 6% over same time LY. 103 listings or 53% of the inventory between 250K-700K. 60% of all sales in 2024 happened in this price range. On the luxury end 59 listings or 30% of the inventory is 950K or higher. 18.5% of all sales in 2024 were over $950K
📊Overall in 2024 we saw residential inventory increase over the year compared to the past 2 years, the Median Sale Price increase by 7.9% and the number of transactions (homes sold) also increased by 8%. Days on Market increased by 9 days and the sales price to list price ratio was 95.45% overall.
📉The number of closings outnumbered the amount of new listings hitting the market last month. We are sitting at the lowest inventory levels since April 24. Mortgage rates have climbed in the past few weeks because the economy is just too strong and there is a lot of uncertainty ahead of us with a change in the administration. I do not expect rates to come down significantly anytime soon. And I expect home prices to continue on their upward trajectory since we do not have any major new home construction increasing the available inventory in this region.
🔮I’ll be back with my 2025 housing market predictions in another video soon… stay tuned.
👋If you’re looking to jump into this market as a buyer or if you’re a homeowner curious about what your home might be worth in today’s market, give me a call…I’d love to chat with you.
*Data from CGNDMLS on 1/13/25
#colombiacountyrealestate #jensesmarealestate #beachandbartolorealtors #marketupdate
