Hello everyone,
Can you believe we're already halfway through 2024? Time truly flies, especially as we navigate through these warm summer months. I hope you're all enjoying the sunshine as much as possible, despite the heat. Today, I wanted to share with you the latest stats from our real estate market here in Edmondson for the month of June 2024.
Residential Market Overview: June marks the tail end of our busiest season, the spring market, and the numbers reflect a slight slowdown from the peak in May. Nevertheless, the market remains robust with residential sales up by 10% compared to last year. The average sale price now stands at $438,973, showing a healthy increase of 6.6% year-over-year.
Single Family Homes: In June, there were 16,161 sales of single-family homes, up 4.5% from last year. The average sale price for single-family homes saw a significant rise, reaching just under $540,000, up 7.9% from the previous year.
Condominiums: Condo sales continue to perform exceptionally well, with 444 units sold last month—a 13.6% increase from last year. Interestingly, this number is almost double the condo sales seen in June 2020, highlighting the sector's resilience and growth. The average sale price for condos rose by 8.5% year-over-year to $211,583.
Duplexes and Row Houses: The market for duplexes and row houses saw a remarkable surge, with sales up by an impressive 37.2% year-over-year, totaling 406 sales. The average sale price also rose significantly by 12.7%, reaching $290,249.
Market Dynamics: As we analyze the market dynamics, we notice a slight increase in inventory, pushing our months of inventory to 2.08 months. This uptick, though modest, suggests a healthier balance between supply and demand—a crucial factor in stabilizing price growth. Historically, our inventory tends to increase slightly during the summer months, leading to a more relaxed market atmosphere.
Looking ahead, we anticipate a continuation of steady market conditions throughout the summer, with inventory levels likely to stabilize. By mid-September, we typically see an uptick in both listings and sales as we transition into the latter part of the year.
Conclusion: In conclusion, despite a minor cooldown compared to the peak spring months, the Edmondson real estate market remains strong and resilient. We continue to witness healthy increases in property values across various housing types, indicating sustained buyer interest and market vitality.
As always, I encourage you to enjoy the remainder of your summer, and stay tuned for more updates in the coming months. If you have any questions or are considering entering the market, feel free to reach out—I'm here to help navigate these exciting developments in our local real estate landscape.
Wishing you all a fantastic summer ahead!