Sales Overview
McKenzie Lake experienced a notable increase in sales activity in October 2024, with total residential sales rising by 44% year-over-year (Y/Y) to reach 13 sales. THEY ARE ALL DETACHED HOMES, $470,000-$960,000, with an average 26 Days on the market. 5 properties were SOLD at or above the asking price. This growth reflects increased demand in the area, particularly for detached homes, which saw an 86% increase in sales compared to October 2023.
New Listings and Inventory
New listings for October 2024 totaled 21 properties, marking a significant 75% Y/Y increase, suggesting that more homeowners are entering the market. However, inventory remains relatively constrained, with only 20 active listings.
Price Trends
Detached Homes: The benchmark price for detached properties in McKenzie Lake rose to $749,800, reflecting an 8.4% increase compared to last year.
Row and Apartment Prices: The row homes in McKenzie Lake averaged $423,900, a modest 8.1% Y/Y increase. Apartments showed no recorded transactions, which aligns with ongoing demand predominantly centered on detached properties.
Market Conditions
The market conditions remain tight in McKenzie Lake, with months of supply at 1.54, indicating a seller’s market. This low supply relative to demand continues to put upward pressure on home prices.
Conclusion
The McKenzie Lake real estate market remains robust with strong demand, rising prices, and limited inventory. While new listings are up, months of supply remains low, signaling continued demand and competition among buyers, especially for detached homes.
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