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Springbank Hill Real Estate Monthly Summary – October 2024
Springbank Hill Real Estate Monthly Summary – October 2024
Market Overview
- Sales: 17 transactions, a 70% year-over-year (Y/Y) increase.
- New Listings: 29 properties, a 38% Y/Y increase.
- Inventory: 47 active listings, reflecting a 47% increase compared to October 2023.
- Months of Supply: 2.76 months, indicating a balanced market.
Pricing
- Benchmark Price: $920,800, up 2.9% Y/Y.
- Median Price: $940,000, a 4.2% increase Y/Y.
- Average Price: $1,002,046, up by 12.8% compared to October 2023.
Property Types
- Detached Homes: Benchmark price at $1,121,500, a 7.9% Y/Y increase.
- Semi-Detached Homes: No benchmark price specified; however, significant demand was noted.
- Row Houses: Benchmark price of $530,400, reflecting a 13.6% Y/Y increase.
- Apartments: Benchmark price at $392,500, a 17.2% Y/Y rise.
Market Trends
- Steady growth in home values, particularly in the apartment and row house segments.
- Increasing new listings and inventory highlight a more competitive market.
- Sales to new listings ratio indicates a moderate absorption rate of 0.59.
Summary
Springbank Hill’s October 2024 market remains robust, with a significant increase in sales and rising property values across most property types. The market is balanced with growing inventory, suggesting opportunities for buyers and sellers alike.
This performance underscores the continued demand and resilience in this desirable community.
