The number of new listings jumped significantly in the two weeks ending 9/16/24 -- compared to the previous two week period new listings of single family homes rose 78% from 125 to 222; condos went from 147 to 396 (169%). The total number of new residential listings was 618, about the same as last year in the same two week period, 685.
Not surprisingly, the number of price reductions rose for single family homes from 17 to 35 and for condos from 42 to 86.
Traditionally, we always see a notable increase in listings every year right after Labor Day. And keep in mind last year we had just experienced a two and a half week period in August when the MLS was not available.
The average sales price for a two-bedroom, one-bath single family homes so far this year is up about 3% compared to last year ($1,219,000 vs $1,180) but still below the all-time high of $1,339,000 in 2021. Similarly for three-bedroom, two-bath single family homes, the average sales price so far this year is $1,626,000 which is almost 5% higher than last year but still off from their all-time high of $1,773,000 in 2022.
The average sales price for one-bedroom, one-bath condo so far this year is $721,000 which is about 2% higher than last year and is the first year-over-year gain following four years of average sales price declines. However, the current average sales price is off 17% compared to the peak of $871,000 in 2019.
Similar story with two-bedroom, two-bath condos with an average sales price so far this year of $1,255,000 which is 3% below last year's average and 14% off the average sales price in 2019 of $1,463,000.
