Panorama Hills Real Estate Monthly Summary – October 2024
Market Overview: In October 2024, Panorama Hills showcased a dynamic real estate market with significant activity across various metrics:
- Sales: 28 properties sold, reflecting a 20% year-over-year (Y/Y) decrease.
- New Listings: 50 new properties listed, marking a 35% Y/Y increase.
- Inventory: 80 units available, a substantial 142% increase Y/Y.
Benchmark Prices by Property Type:
- Detached Homes: $775,100 (+5.7% Y/Y).
- Semi-Detached Homes: $562,200 (+5.9% Y/Y).
- Row Homes: $412,500 (+14.0% Y/Y).
- Apartments: $320,100 (+7.2% Y/Y).
Overall Residential Benchmark Price: $558,900, showing a modest 0.7% increase Y/Y.
Key Market Metrics:
- Months of Supply: 2.86 months, leaning toward a balanced market.
- Sales-to-New-Listings (S/NL) Ratio: 0.56, indicating a steady competition among buyers.
Market Insights:
- The increase in inventory provides more opportunities for buyers to explore available options.
- While sales have slowed slightly, price stability across all property types highlights the neighborhood’s desirability and market resilience.
Community Features: Panorama Hills remains a sought-after neighborhood due to its excellent amenities and family-oriented appeal:
- Recreational Options: Access to green spaces, pathways, and community centers makes Panorama Hills ideal for outdoor enthusiasts.
- Education and Convenience: The area features a variety of schools and is conveniently located near major transportation routes and shopping hubs.
- Community Spirit: The neighborhood fosters a sense of belonging with regular events and initiatives aimed at enhancing resident experiences.
Panorama Hills continues to maintain its status as a preferred destination for families and individuals, combining strong market performance with an outstanding quality of life.