August 2024 Market Report

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AUGUST MARKET REPORT

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AUGUST MARKET REPORT August of 2024 was a big one. We saw $122.6M in dollar volume, which was a 58.7% increase from August of last year. If you exclude August 2020 and 2021, statistical anomalies due to the pandemic, this August was our largest on record. Transactions were flat on the month. While monthly data can help us paint a picture of the market, these numbers can be skewed by just a couple of large transactions closing in the same month. YTD numbers are the best indication of the market as a whole. We are now at $654.2M in total dollar volume for 2024, which is slightly down compared to 2023, which was $664.7M through this point last year. That said, 2023 had higher dollar volume due to increased commercial real estate activity, a segment of the market that has been nearly silent in 2024. If we look strictly at home sales, dollar volume in 2024 is up to $579.5M, up 8.1% compared to 2023. The high end of our market continues to have legs and is fueling the higher dollar volume we are seeing this year, despite 3.5% lower home transactions.

The biggest trend of the summer has been price improvements and August made no exception. In August 2024, we saw 45 price improvements compared to 25 in August 2023. Other than last month, this is the highest amount of price adjustments that we have seen in a single month since September 2019.

There have now been 206 price improvements YTD, also the most we have seen since 2019 before our market turned to the upside during the pandemic. August tends to be the month where we see the most price reductions, summer comes to an end and when properties have not sold, price improvements happen. That said, the amount of price changes we are seeing suggests that owners should rethink listing for aspirational prices, which has been a common practice for the last few years. *Market data and analysis provided by GPP agent Ethan Ulmer*

ALL SALES AS OF AUGUST 31

HOUSE SALES AS OF AUGUST 31

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AUGUST MARKET REPORT LAND SALES AS OF AUGUST 31

COMMERCIAL SALES AS OF AUGUST 31

THE CURRENT MARKET AT A GLANCE

$6.5M AVERAGE ASKING PRICE OF

150

AVERAGE DAYS ON MARKET

66

AVAILABLE HOMES

OF AVAILABLE PROPERTIES

PENDING SALES

NUMBER OF

78

AVERAGE DAYS ON MARKET

253

OF PENDING PROPERTIES

PROPERTIES

AVAILABLE

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GPP FEATURED LISTING 1 WHEROWHERO LANE | $2,450,000

AUGUST PHOTO OF THE MONTH

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