Active Residential Listings Market Analysis
As of October 28, 2024, the residential real estate market has shown notable trends in active listings, inventory levels, and year-over-year performance. Over the last month, the data reflects fluctuations in the number of active listings, which provide insight into the market's current direction.
Starting on September 16, 2024, the total number of active listings was 14,838. Over the following weeks, there were consistent changes, with some days seeing slight increases and others experiencing declines. For example, September 18 recorded 14,686 active listings, reflecting a 2.21% decrease from the previous day. On October 2, the market had 14,382 active listings, showing a decline of 3.11% from mid-September. By October 28, the number of active listings further decreased to 14,306, which is a 5.34% month-over-month drop.
The year-over-year data indicates a 14.5% increase in active listings compared to the same period last year. This upward shift suggests a broader trend of increasing inventory in the market, which may lead to adjustments in pricing and buyer-seller dynamics. The pending listings, which reflect the number of properties under contract, fluctuated but stayed around 4,100–4,300 listings. For instance, on October 4, there were 3,999 pending listings, whereas October 24 recorded 4,157 pending transactions, a 5.1% year-over-year increase.
The activity index remained stable, hovering around 21.6–22.4%. The stability of the activity index signifies consistent buyer interest relative to available inventory, maintaining a balanced market environment. Over the past year, there were 33,576 properties sold, equating to approximately 5.11 months of inventory as of October 28. The months of inventory metric, which hovered between 5.07 and 5.33 throughout October, suggests that the market remains slightly in favor of sellers but is moving towards a more balanced position. Lower months of inventory typically indicate a faster-moving market, but the gradual increase over recent months implies a slowing down, giving buyers slightly more leverage.
The weekly changes in active listings highlight how the market reacts on a short-term basis. For instance, from October 14 to October 21, the market saw fluctuations ranging from 14,531 active listings on October 14 to a decrease to 14,479 on October 21. The daily changes indicate market volatility, which can impact buyer urgency and listing strategies.
In summary, the residential market as of late October 2024 reflects an active landscape with slight declines in active listings over the last month, but a year-over-year increase that suggests longer-term growth in inventory. With a stable activity index and months of inventory remaining in the 5-month range, the data presents a residential market moving towards balance, creating opportunities for both buyers and sellers. This current trend emphasizes the importance of staying updated with listing activity as the market adapts to these shifts.
