From Start to Smart in Carmel NY

September Real Estate Market Update: Key Trends for Single-Family Homes and Condos

As we transition into the latter part of 2024, the real estate market shows notable shifts, particularly in single-family homes and condos. Here’s a breakdown of the most recent data to help you stay informed.

Single-Family Homes Market Trends

New Listings:
In September 2024, the number of new listings decreased by 21.2% compared to September 2023, dropping from 33 to 26 listings. However, on a year-to-date basis, there’s a 7.5% increase in new listings (300 in 2024 versus 279 in 2023). This uptick suggests a larger inventory for prospective buyers through the year, even as new September listings slowed down.

Closed Sales:
Closed sales for single-family homes jumped 35.3% in September 2024 compared to the previous year, rising from 17 to 23. Despite this increase, year-to-date closed sales saw a 7.2% decline, dropping from 250 to 232, indicating a slight cooling trend overall.

Days on Market Until Sale:
Homes sold faster in September 2024, with an average of just 32 days on the market, a significant reduction of 33.3% from last year’s 48 days. The year-to-date comparison reflects a similar trend, with days on the market falling from 51 to 36, down 29.4%.

Median Sales Price:
Prices continued to climb. September’s median sales price rose by 2.4% year-over-year, reaching $630,000, while year-to-date prices went up by 4.7%, increasing from $525,000 to $549,450.

Percent of Original List Price Received:
Sellers received slightly less of their original asking prices in September 2024, at 100.3%, compared to 101.3% the previous year—a small 1.0% dip. Year-to-date data tells a different story, with sellers generally receiving 2.8% more of their original list price, rising from 98.6% to 101.4%.

Inventory of Homes for Sale:
There’s been a 15.8% drop in the inventory of homes for sale in September 2024 compared to the same month last year, reducing options for buyers. Year-to-date, inventory declined by 5.8%, showing a tighter market and likely contributing to upward pressure on prices.

Condo Market Trends

New Listings:
Condo listings have decreased significantly, with a 42.9% drop in new listings in September 2024 (just 4) compared to September 2023. Year-to-date listings remain stable, with a slight 2.2% increase, from 46 to 47.

Closed Sales:
Sales volume saw an impressive 50% jump in September 2024, with 3 closed sales compared to 2 in September 2023. However, the year-to-date numbers show a slight 4.5% decline, moving from 44 to 42 closed sales.

Days on Market Until Sale:
Condos sold faster in September 2024, with days on market decreasing by 14.3%, from 42 to 36 days. Year-to-date figures reveal a striking 59.2% drop in market time, with condos averaging just 31 days on the market compared to 76 last year.

Median Sales Price:
Condo prices soared, with the median sales price in September 2024 reaching $445,000—a substantial 21.1% increase from $367,500 in 2023. Year-to-date prices also rose, up 13.5%, with the median price at $392,500, compared to $345,900.

Percent of Original List Price Received:
Sellers of condos received a bit less of their asking price in September 2024, down to 102.5% from 110.8% in 2023. However, year-to-date data shows sellers receiving slightly more than last year, with a modest 0.9% increase.

Inventory of Homes for Sale:
Condo inventory continues to shrink, with September 2024 seeing a 16.7% decrease in available units, and a year-to-date decline of 14.3%, highlighting a market with fewer choices for buyers.

Key Takeaways

For both single-family homes and condos, the market remains competitive, with faster sales and increasing prices. However, limited inventory and fewer new listings indicate a supply shortage, which could sustain upward pressure on prices. Buyers should expect limited choices and quicker transactions, while sellers may continue to benefit from rising median prices and high list-to-sale ratios.

Whether you’re looking to buy or sell, staying informed about these trends can help you navigate the market more effectively.