October Update Highlights
October 08, 2024
As always, we strive to inform our clients and partners with timely market data. Here are the latest stats from our monthly Market Update with Tina Tamboer, Senior Analyst with the Cromford Report, on October 7th.
| Supply | 21% below normal 18,330 total +50.4% YOY Supply Index Trend +4.7 pts in last 30 days |
| Demand | 25% below normal +1.6 points MOM (flat) +8.9% Demand Index Trend +1.6 pts in last 30 days |
| Avg LP/SF – Weekly Average | All Active $352.36 Under $1M $258.38 |
| Avg Sales Price/SF – Monthly Average | $285.55 0% YOY Under 2,500 SF (80% of sales) $262.32/SF +0.3% YOY 4,006 SalesOver 2,500 SF (20% of sales) $330.98 Avg/SF -1.8% YOY 1,031 Sales |
| New Listings | 8,383 in September (including Coming Soon) +12.6% YOY |
| Closed Sales | 5,016 in September -1.9% YOY |
| Listings Under Contract | 6,473 last week +8.86% YOY |
| Accepted Contracts – Weekly Counts | 1,464 |
| Days on Market at Contract | 32 DOM for September +11 days YOY |
| Median Sales Price | $443,900 +2% YOY Under 1,500 – 2,000 SF $423,000 Range: 115,000 – $1,267,500 Under 1,200 – 1,5000 SF $375,000 Range: 153,000 – $950,000 |
| Annual Avg Sales Price/SQFT Appreciation | Total $290.85 # Sales 5194 +3.1% YOY Under 2,500 sf (79% of sales in ARMLS) +1.8% YOY Over 2,500 sf (21% of sales in ARMLS) +4.8% YOY |
| Price Reductions | 9,200 last month +41.1% YOY +648 MOM |
| Sales Over Asking Price | 17% in September -8% YOY |
| Seller-paid Concessions | 55% of September Sales +10% YOY Median $10,000 Consistent July – October +$1,900 YOY(mostly West Valley) |
| Sale Price/List Price Ratio | 97.9% -0.3% YOY |
| Contract Ratio | 35.5 Down from 48.8 last October |
| Cancellations | 1,300 in September Luxury Market (over $1M) 200 |
| Listing Success Rate | 74% Sold 26% Cancelled/Expired $300-400K: 79% 3,781 closed 978 cancelled/expired Over $2M: 45% 317 closed 389 cancelled/expired |
- We are in a Balanced Market, but it varies significantly by city and price point.
- Demand is not declining at this time. If you have a listing that is sitting, it is due to inventory increasing and more competition in the marketplace.
- Accepted contracts are moving up, along with active inventory counts. Inventory is higher than it’s been in years.
- 8 of 17 major cities are in Seller’s Markets. 4 of 17 are in balance, and 5 of 17 are Buyer’s Markets. Six cities have increased in CMI over the past 30 days, while the rest have weakened.
Bison Ventures is proud to offer the Bison Refinance Program, designed to empower our agent partners and motivate prospective buyers. This initiative addresses buyer concerns over fluctuating mortgage rates, making now an opportune time to buy.
Benefits for Agents:
- Ease Buyer Concerns: Highlight the opportunity for no-fee refinancing after six on-time payments of their new mortgage, helping clients look past current rates.
- Stand Out: Differentiate your services by offering financial pathways that lead to savings and more affordable homeownership.
- Foster Client Trust: The option to refinance within three years promotes long-term planning and positions you as a trusted advisor.
| Partner with Bison Ventures: Let’s collaborate to turn the dream of homeownership into reality for more buyers. Contact us to learn how the Bison Refinance Program can be a game-changer for your business. |
Please feel free to reach out with any questions, and if you would like more detailed notes, please click here.
