Sales and Market Trends:
Total residential sales in Mahogany for November 2024 were 30 units, representing a 9% year-over-year decline.
New residential listings increased to 59 units, a 34% YoY growth.
Inventory levels climbed to 87 units, marking a 36% YoY increase.
The months of supply stood at 2.90, indicating a more balanced to buyer-friendly market.
Price Metrics:
The overall benchmark price for Mahogany residential properties reached $588,700, showing a 3.2% YoY increase.
Detached Homes: Average price was $810,000, reflecting a 9.1% YoY increase.
Semi-Detached Homes: Benchmark price at $570,500, up by 5.4% YoY.
Row Houses: Price climbed to $487,500, marking a 5.4% YoY increase.
Apartments: Average price rose to $365,500, with a 5.4% YoY increase.
Sales-to-New-Listings Ratio (S/NL):
The S/NL ratio for November 2024 was 0.51, signaling an oversupply relative to demand and leaning towards a buyer's market.
Market Observations:
While sales showed a slight decline, new listings and inventory experienced significant growth, providing more options for buyers.
Detached homes remain the most resilient segment in price growth, maintaining a strong appeal.
Apartments and row houses also recorded steady price increases, reflecting sustained demand across diverse property types.
This summary showcases a shifting market in Mahogany, with increased inventory offering buyers more choices and slightly moderating sales activity.
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