Signal Hill Real Estate Monthly Summary – October 2024
In October 2024, Signal Hill’s real estate market experienced a steady performance with 20 total residential sales, reflecting a slight year-over-year (Y/Y) decline of 5%. Here’s a breakdown of key trends:
Sales and Inventory
- Sales: Total residential sales stood at 20, with 8 detached homes and 10 apartment units dominating the activity. Semi-detached and row homes saw minimal activity, with semi-detached sales dropping to zero.
- Inventory: Total inventory increased by 86% Y/Y to 39 units, contributing to a more balanced market.
- New Listings: A total of 28 new listings were added, a 22% increase from October 2023.
Benchmark Prices
- Overall: The total residential benchmark price for Signal Hill reached $664,300, up 5.5% Y/Y.
- Detached Homes: The benchmark price for detached homes stood at $912,000, showing a 4.8% Y/Y increase.
- Apartment Condominiums: Benchmark prices for apartments rose to $375,200, reflecting an 8.7% Y/Y growth.
- Row Homes: The benchmark price for row homes was $458,600, up 9.7% Y/Y.
- Semi-Detached Homes: No transactions occurred this month, limiting available price trend data.
Market Conditions
- Months of Supply: The months of supply increased to 1.95, signaling a more balanced market compared to previous months with tighter conditions.
- Sales-to-New-Listings (S/NL) Ratio: The S/NL ratio stood at 71%, indicating a moderate absorption rate.
- Days on Market (DOM): Average DOM increased slightly to 22 days, aligning with seasonal trends.
Observations
Signal Hill’s market in October 2024 reflects stability with modest price gains across most segments and increased inventory supporting more balanced conditions. Detached homes and apartments remain the primary drivers, while row homes also show strong price growth.