The August 2024 real estate market report highlights several key trends:
Median Sales Price:
The median price for resale homes decreased by $15,000 compared to July 2024, following a drop from June’s high of $599,000. This is the second consecutive month of price easing.
Homes Sold:
Although sales increased from August 2023, they were slightly lower than July 2024’s numbers, indicating the beginning of a seasonally slower period from August through February. Contributing factors include weather, school schedules, and the holiday season.
Pending Sales:
August 2024 saw a rise in new contracts compared to both August 2023 and July 2024, signaling a healthy demand across all sectors.
Inventory:
Townhome listings in Ada reached a historic peak with 153 units on the market. Overall inventory improved, helping to moderate market pressures despite the uptick in pending sales.
Days on Market:
Homes are taking longer to sell, in line with the seasonal slowdown. The average days on market in August have increased from 14 days in 2019 to 39 days in 2024, reflecting a gradually lengthening market cycle over the past few years.
This data suggests a cooling market with more moderate pricing and slower sales activity, but steady demand as reflected in pending sales and inventory stabilization.
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