As we close out the year, let’s take a look at the housing market trends and reflect on the changes we’ve witnessed over the past 12 months. The beginning of November showed some intriguing developments in our market, giving us valuable insights into what to expect as we head into 2025.
Market Summary – December 2024
Compared to December 1, 2023, here’s where the numbers stand:
- Active Listings: 21,593 – a 35% increase year-over-year but only a slight 1.1% uptick from last month.
- Pending Listings: 3,808 – essentially unchanged from last year (+0.3%) but down 8.8% from last month.
- Under Contract Listings: 6,393 – up 9.0% year-over-year but down 7.8% from last month.
- Monthly Sales: 5,139 – an impressive 11.0% increase compared to last year, though down 12.0% from October.
- Monthly Average Sales Price per Sq. Ft.: $289.69 – barely up by 0.2% year-over-year but down 0.3% month-over-month.
- Monthly Median Sales Price: $450,000 – a 2.5% rise from last year, holding steady from last month.
Active listings peaked in late November at over 22,000 before beginning their seasonal decline, a pattern that typically lasts 5–8 weeks. The year-over-year rise of 35% is a notable improvement from the 40% reported in November, giving sellers a glimmer of optimism.
Sales trends defied expectations in November. While fewer working days could have resulted in lower closings, we instead saw an 11% annual increase. The annual sales rate, which hit a low of 69,527 in September, has risen to 71,000—a modest but encouraging upward trend.
The luxury market continues to benefit from robust stock and cryptocurrency valuations. However, the broader housing market eagerly awaits relief in mortgage rates to fully reignite demand.
A Heartfelt Thank You
As the year winds down, I want to express my sincere gratitude to all of you—my clients, colleagues, and friends. Your trust, partnership, and referrals are what make my work so rewarding. Together, we’ve navigated an ever-changing market, and I look forward to continuing to serve you in the year ahead.
Wishing you and your loved ones a joyful holiday season filled with warmth and cheer. Here’s to a prosperous and happy New Year!
Warm regards,
