Aberdeen, WA Metro Area Housing Market Analysis - November 2024
The Aberdeen, WA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 1.5% year-over-year, settling at $357,500. This decline contrasts with the Median List Price, which has risen by 9.6% to $394,500, indicating a potential gap between seller expectations and buyer willingness.
Price Per Square Foot metrics show a significant increase, with the median Price Per Square Foot climbing by 13.5% to $239.68, and the Median List Price per square foot surging by 33.4% to $285.74. These figures suggest a strong demand for space, possibly driven by buyers prioritizing square footage over overall price.
Sales activity in the region has seen a positive shift, with Homes Sold increasing by 5.2% year-over-year to 81 units. Pending Sales have also risen by 12.2%, reaching 83 units, indicating a robust pipeline of transactions. However, New Listings have decreased by 12.9%, totaling 74, which could signal a tightening supply in the market.
Inventory levels have expanded by 17.6% to 387 units, contributing to an increase in the Months of Supply, which now stands at 4.8 months, up by 50% from the previous year. This rise in inventory and supply suggests a shift towards a more balanced market, potentially easing pressure on buyers.
The Median Days on Market have increased by 22% to 72 days, reflecting a slower pace in the market. This slowdown is further evidenced by the average sale to list ratio, which has improved by 2.6% to 98%, indicating that homes are selling closer to their asking prices. The sold above list ratio has also seen a slight increase of 1.8%, now at 14.8%.
Price Drops have decreased by 1.9% to 24.5%, suggesting that sellers may be adjusting their pricing strategies to align more closely with market conditions. Additionally, the percentage of homes going off market in two weeks has declined by 6.7% to 21.7%, indicating a more deliberate pace in buyer decision-making.
Overall, the Aberdeen housing market in November 2024 reflects a dynamic environment with rising list prices and Price Per Square Foot, increased inventory, and a more balanced supply-demand equation. Buyers and sellers alike should remain vigilant and adaptable to these evolving market conditions.
